Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in colour from dark grey to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4), hematite (Fe2O3), limonite or siderite. Hematite is also known as "natural ore". The name refers to the early years of mining, when certain hematite ores contained 66% iron and could be fed directly into iron making blast furnaces. 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.
The iron ore industry is enjoying continued boom conditions, as demand continues
to soar on the back of the developing worlds rapid industrialization. The
market remains tight, and supply systems are stretched, leading to unprecedented
prices. After rising by as much as 14% a year, global iron ore consumption
will continue to grow at over 3% annually to more than 1.9 billion tonnes
by 2011. In our latest Strategic Market Study, we outline how the Asian
regional iron ore deficit will drive continued growth in the seaborne market,
to well over 900Mt by 2011.
Source: AME Mineral
Economics www.ame.com.au
