Iron ore is the base metal used to make steel – and steel is the most commonly used alloy in the world. From its first known uses as a metal of antiquity, iron ore has since undergone a transformation from a relic of the industrial age to the driving force behind a commodity supercycle that reshaped the global economy.
According to the World Steel Association, steel demand is forecast to grow by 1%-2% per year over the next decade.
The iron ore price rocketed to record highs this year, reaching US$237.57 a tonne in May as global demand accelerated amid lingering supply threats – a ripple effect of the pandemic – but has since steadied at around US$100 per tonne.
Also read: World’s top 10 biggest mines by tonnes of ore mined
Using data compiled by our sister company Miningintelligence, our latest top ten list ranks the world’s biggest iron ore operations, which are dominated by the world’s major miners.
Read the full article from Mining.com HERE
