We are currently witnessing large fluctuations in the relative price of ironmaking raw materials brought on by changes in the dynamics of supply and demand, market conditions, environmental regulations and technical factors affecting the iron and steelmaking process. From a customer perspective, it is the behaviour of iron ores in downstream processing that give 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 price differentials for differing quality.This paper describes the use of the Marx value-in-use model to quantify the downstream value of lump iron ores. The Marx model consists of heat and mass balance modules for sintering and 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 are given for the calculation of a lump premium.CITATION:Honeyands, T and Jelenich, L, 2015. Lump ore properties and their impact on value-in-use in ironmaking, in Proceedings Iron Ore 2015, pp 359-362 (The Australasian Institute of Mining and Metallurgy: Melbourne).