Iron ore in pakistan price

Iron ore is a metal element and covers 5% of the earth’s crust. By extracting raw iron ore from the earth and removing impurities, a dark silver-brown powder of iron is obtained. This element is easily oxidized and is not very strong on its own, and to increase its strength for use in areas such as construction, its alloy is prepared using many elements. These elements are different and the most common are nickel and chromium.

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How to identify iron ore in pakistan?

Uses: Iron ore is the raw material for steel production and 98% of the world’s iron ore is used for steel production. The automotive and construction industries are the main consumers of steel, and as a result, the demand for steel in these sectors affects the demand and price of iron ore.

Production process: To produce one ton of iron in a long furnace requires 1.75 tons of iron ore, 750 kg of coal and 250 kg of limestone, which also consumes 4.5 metric tons of air. The air temperature in the center of the furnace reaches 1600 degrees Celsius. There are several methods involved in the manufacturing process, including blast furnaces.

Alternative: Iron ore has no direct substitute, but its main consumer, steel, has alternatives. Among other things, it has high competition with other metals such as aluminum, which is increasing in industries such as automotive. There are also alternatives to steel in the production of containers, plastics and glass. On the other hand, metals such as aluminum require a large percentage of electricity consumption to produce, so steel consumption is more common. A limited amount of scrap iron is found again, but steel recycling is more than any other metal. Although steel is also produced from scrap recycling, its total volume is currently insufficient.

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Latest price of iron ore in pakistan

Usually, in the past, the price of iron ore was determined as a result of negotiations between large mining companies and steelmakers, and the price set in these negotiations was a kind of price index for the entire steel industry. But recently, this annual mechanism has given way to a short-term pricing system, and the world’s three largest mining companies no longer enter into annual contracts. Many Australian and Brazilian mining companies have turned to short-term contracts. In India, prices are mostly in cash, and some major suppliers have shown interest in using the Metal Bulletin or Platts price index.

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