MINERALS: IRON

WHY IN NEWS?

CCI flags iron ore varied pricing in mining sector study.

IRON

ORES:

Magnetite: 72% Fe

Hematite: 70% Fe

Limonite: 55% Fe

Siderite: 48% Fe

USES

98% of the mined iron ore is used to make steel

GLOBAL PRODUCTION

Estimated global production: 2500Mt(approx)

World’s leading producers:

1.Australia 35%

2.Brazil       15%

3.China       14%

Together these 3 countries account for 65% of global production

4.India  9%

WORLDWIDE RESERVES

Largest reserve with

1. Australia 28%
2. Brazil 19%
3. Russia 14%
4. China 11%

India has the 7^th largest reserve of iron ore (3%)

GLOBAL CONSUMPTION

China is the world’s largest iron ore importing country(65% Approx), as it is the world’s largest producer of stainless steel.

GLOBAL TRADE

EXPORT:

In 2021, the top exporters of Iron Ore were Australia , Brazil , Canada , South Africa .

IMPORTS

In 2021, the top importers of Iron Ore were China , Japan , South Korea.

Over 90% of India’s iron ore exports were made to China.