Carburization is a critical aspect of the iron and steel industry as it can affect the mechanical and chemical properties of the end product. The purpose of the current paper is to provide a comprehensive analysis of the carburizing potential of high-grade iron ore pellets after direct reduction in pure hydrogen. The results show that the porosity in the pellets has a significant impact on the efficiency and success of the hydrogen direct reduction process. In addition, the reduction process could be brought to completion at a lower temperature compared to carbon monoxide; however, in the presence of pure hydrogen, iron carbide reaches its peak equilibrium concentration at temperatures up to 500 °C, subsequently decreasing with further temperature increments. The uniform dispersion of SiO2, Al2O3, and CaO was crucial in the carburization process, affecting the ultimate properties of the steel. The heightened metallization degree and augmented porosity were associated with improved carburization tendencies. This correlation underscores the intricate interplay between temperature, carbon sources, and the resultant equilibrium concentration of iron carbides, shedding light on the nuanced dynamics of this phenomenon.