Iron is an abundant material found in all planets and rings. It is guaranteed to spawn on every planet, alongside copper and stone deposits. It is one of the most important materials in-game, as it not only serves as one of the fundamental ingredients to many parts, but is also a great building material to use in your creations.
It is currently the third most malleable material in the game aside from plastic and perfectium.
In-game description
"A compact and durable material, commonly found in planets. It is used often in crafting, and is a very important resource to have."