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Mars Minerals | Trading Company

IRON ORE

“Iron ore is more integral to the global economy than any other commodity, except perhaps oil”

Iron ores are rocks and minerals from which metallic iron can be economically extracted.

Iron ore is the raw material used to make pig iron, which is one of the main raw materials to make steel—98% of the mined iron ore is used to make steel.

In steelmaking, impurities such as nitrogen, silicon, phosphorus, sulfur and excess carbon are removed from the raw iron, and alloying elements such as manganese, nickel, chromium and vanadium are added to produce different grades of steel.

According to the report, global iron ore production is expected to grow modestly from 3.3 billion tonnes in 2018 to 3.4 billion tonnes by 2027, representing an average annual growth of 0.5% during 2018 - 2027 a significant drop from an average growth of 5% during 2008 - 2017.

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Supply growth is expected to be primarily driven by India and by Brazil, where the world’s top iron ore miner, Vale, is set to expand output with its new mine.

It is forecasted that India's iron ore output growth will be supported by the removal of export taxes in the Union Budget for low-grade ores and the country's Mines & Minerals (Development & Regulation) (MMDR) Act, which will streamline licensing and reopen closed mines.

As a result, forecasts India's iron ore output to grow from 209 million tonnes in 2018 to 221 million in 2027, representing an average annual growth of 1.6% during 2018-2027, higher than the 0.4% year over year growth seen over 2009-2017 following mining bans in Goa, Odisha and Karnataka, the largest iron-ore producing states.

In Australia, iron ore production is forecasted to decline from 2018-2027 by 0.4%. In 2017, Australia exported 829 million tonnes of iron ore, maintaining its place as the largest global exporter, but representing a 2.8% year over year decline, due to weaker demand from Japan and South Korea.

Projected iron ore demand worldwide from 2017 to 2019 (in dry metric tons)

This statistic represents the projected global iron ore demand from 2017 through 2019. Global iron ore demand is expected to reach some 1,342 dry metric tons (62% Fe equivalent) by 2019. Between February 2016 and February 2017, iron ore prices soared alongside increases in China steel prices.

India, is the third largest producer of raw steel and second largest producer of crude steel, requires huge amount of iron ore which can be procured from Australia. Mars Minerals Trading Agency will be at your service to get it done in the best way.

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