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Different techniques have been used to study the reduction process of iron ore. In this paper, the reduction process of iron ore by CO at 200~1200°C is calculated. The effects of reducing agent overdose, reducing temperature and VCO2/(VCO+VCO2) on reducing degree were studied. The results show that the reduction degree increases with the increase of reducing agent and slows down gradually. During the reduction process, the reduction degree decreased significantly with the increase of VCO2/(VCO+VCO2). In this temperature segment, the reduction degree has a peak.