At present we are witnessing large investments in the iron ore industry, fuelled by demand from Asia. At the same time, there is a changing landscape in pricing of iron ores, with the recent demise of the benchmark system and the evolution of market based index pricing systems. From a customer perspective, it is the behaviour of iron ores in downstream processing that gives them their value; their impact on the sintering or pelletising process and subsequently blast furnace ironmaking. It is therefore important to consider this value when developing projects, making mine planning/cut-off grade decisions, and in setting quality price differentials.This paper describes the use of the Marx value in use (VIU) model to quantify the downstream value of iron ores. The Marx model consists of heat and mass balance modules for sintering, pelletising and a rigorous two-stage heat and mass balance model of blast furnace ironmaking. Mass balance and cost models are applied for steelmaking, casting and rolling. The use of a heat and mass balance allows accurate comparison of the impact of raw material properties on blast furnace operation. The impact of minor elements, such as alumina, silica and phosphorus, and metallurgical properties on ironmaking is described, and examples given for the relative value of haematite, Marra Mamba, and channel iron deposit (CID) ores.