Abstract: The benchmark comparative price between global seaborne iron ore and Chinese domestic iron ore is based on free on board (FOB) or cost, insurance and freight (CIF), resulting in imprecise market pressure price estimation for Chinese domestic iron ore, due to the lack of the breakeven operating cost. To clarify the quantitative data of breakeven operating cost of iron ore products by tier-1 producers, systematic study has been carried out in terms of high-grade hematite enriched mineralization characteristics and typical iron ore products by different enriched types from banded iron formation (BIF) in Hamersley Basin, Western Australia. At the same time, the itabirite-type hematite ore in Brazil is introduced as a control to analyze the economic indicators of typical high grade hematite ore. Based on the previous research results, the enriched mineralization types of high grade hematite associated with BIF in the Hamersley Basin, Western Australia, are classified into Martite-Goethite, Microplaty Hematite and channel iron deposit (CID) type hematite; and in the Iron Quadrangle, Brazil, they are mainly itabirite-type hematite. Brazilian iron is grouped into itabirite type hematite. The iron content of the iron ore products corresponding to each mineralization type is higher than 56%. On the impurity element content, the pseudo-hematite-goethite has high phosphorus content, whereas micro-plate hematite has high phosphorus and sulfur. The river sedimentary hematite has lower phosphorus and sulfur contents, whereas itabirite type hematite contains Mn. Representative global iron ore producers, including Rio Tinto, BHP Billiton, Fortescue Metals Group Ltd (FMG) and Vale, have reached the breakeven operating cost of 34.66, 36.76, 47.35 and 38.07 ＄/dmt, respectively, which could offer the OPEX cost reference for development of Chinese overseas iron ore equity projects..