HIsarna is a promising ironmaking technology to reduce CO ₂ emission. Information of phase transformation is essential for reaction analysis of the cyclone reactor of the HIsarna process. In addition, data of density and volume of the ore particles are necessary for estimation of the residence time of the particles in the cyclone reactor. Phase transformation of iron ore particles was experimentally studied in a drop-tube furnace under simulated cyclone conditions and compared with thermodynamic calculation. During the pre-reduction process inside the reactor, the mineralogy of iron ore particles transforms sequentially from hematite to sub-oxides. The density changes of the particles during the melting and reduction can be predicted based on the phase composition and temperature. Therefore, density models in the studies were evaluated with reported experimental data of slag. As a result, a more reliable density model was developed to calculate the density of the formed slag containing mainly FeO–Fe ₂ O ₃ . The density and volume of the partially reduced ore particles or melt droplets were estimated based on this model. The results show that the density of the ore particles decreases by 15.1% at most along the progressive reduction process. Furthermore, the model results also indicate that heating, melting and reduction of the ore could lead to 6.63–9.37% swelling of the particles, which is mostly contributed by thermal expansion. It would result in corresponding variation in velocity of the ore particles or melt droplets during the flight inside the reactor.