iron ore Price Fluctuation in the global market

Iron ore has been mined from various mines since ancient times and has been used in many cases. This stone is a valuable mineral that has many minerals. Among the minerals of this product that are widely used, we can mention hematite and magnetite. Hematite rock has a maximum grade of 70% and magnetite rock has a maximum grade of 72%. Among these types of iron ore minerals, magnetite ore is more important and expensive. For more information about iron ore Price Fluctuation in the global market, visit our site.

Which is the purest form of iron ore?

The main consumption of iron ore is for steel production. The steel produced is the most important product of iron ore, which is used in various cases. The most important uses of steel are to make steel wires, sheets and pipes, rails, boilers, construction parts, tools, springs, cutlery. Hematite iron ore is also a mineral that is used to extract iron and produce dyes. The use of this product to produce dye is due to the fact that this mineral has a red color. Magnetite iron ore also plays an important role in the production of magnets due to its electromagnetic properties.

Iron ore is often produced in three forms: granular, pellet and concentrate. Granulated iron ores are traded in the form of fine-grained Fine in the dimensions of 0 to 10 mm and coarse Lump in the dimensions of 10 to 10 mm. The grade of this type of iron ore varies approximately between 57% and 63.5%, but it is usually traded with a grade of 42%. Iron ore concentrate is very fine and its grade is usually between 67 and 69%. Pellet is an iron ore whose grade does not change much with concentrate, but with bentonite and some other cases it is produced in a porous and usually spherical form to be converted to sponge iron in the process of direct reduction.

Different forms of this mineral have provided the possibility for different industries to be able to act according to their needs to prepare this functional product. Each form of iron ore is sold at different prices.

Iron ore is the most abundant metal element in the earth, accounting for about 5% of the earth’s crust. This mineral is considered by all industries due to its wide range of applications and in many cases it is used as a raw material. Given that this mineral is available all over the world, Australia is the first and main producer of that country. With the production of a significant volume of iron ore, this country has been able to occupy the first rank in the field of export of this product. After this country, Brazil, China, India, Russia, Iran, South Africa and Ukraine are also the main producers of this mineral. In the meantime, it should be noted that the first and largest importer of iron ore is China, which with the import of this product has been able to occupy the first place in the field of steel production. For more information about iron ore formula, visit our company website.

Price changes of iron ore in 2020

No substitutes can be found for the types of iron ores per se, but alternatives can be found for its major consumer, steel. Steel is highly competitive with other metals such as aluminum, which is increasingly used in industries such as automobiles. In addition, there are alternatives to steel in the production of containers, plastics and glass. Of course, it is worth noting that for the production of metals such as aluminum, a high percentage of electricity is used, so the use of steel is more and more economical. A small amount of scrap iron is recovered, but steel recovers more than any other metal. For more information about Price changes of iron ore in 2020, visit our site.