Iron ore is a variety of mineral ore consisting of iron metal as its key composition element. Several varieties of mineral ores contain iron in them, including hematite, siderite, limonite, goethite, pisolite, titanomagnetite, and magnetite. Iron ore is obtained from the surface mining extraction process, which is a cheaper and cost-effective way to attain Iron ore from the earth’s surface. It is the main raw material source for the iron and steel industry and enables the large-scale production of various steel products in the global market.
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The key importing countries that import Iron ore are China, Nepal, and Vietnam. On the other hand, the key exporting countries include India, Brazil, and Laos.
Key Details About the Iron Ore Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the iron ore prices in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The iron ore price chart, including India Iron ore price, USA Iron ore price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Iron Ore Price Trend:
Iron ore is a raw material that is the primary source to attain iron to produce steel and iron products on a commercial scale. Iron ore consists of iron metal in it, which is then processed to make steel and iron materials that are used in industries for various other applications. It is used to manufacture vehicles, machinery, pipes, trails, tools, appliances, furniture, buildings, etc.
Moreover, iron obtained from the ores is used in construction sectors to strengthen the structural support of the designed infrastructures. It makes alloys with chromium, tungsten, manganese, vanadium, nickel, etc. It is further processed to manufacture bicycle chains, bridges, electricity pylons, rifle barrels, and more.
Key Players:
- Samarco Mineracao S.A.
- Rio Tinto plc
- Vale S.A.
- Anglo American plc
- Fortescue Metals Group Ltd.
News & Recent Development
- Date: March 22, 2023– India’s export market dropped around 24% for the exportations of Iron ore in the fiscal year 2022-23.
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