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Iron Ore Market 2018 Global Industry Sales, Supply, Consumption, Analysis and Forecasts to 2023 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 color from dark grey, bright yellow, or deep purple to rusty red. Ores containing very high quantities of hematite or magnetite (greater than about 60% iron) are known as “natural ore” or “direct shipping ore”, meaning they can 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.This report focuses on the Iron Ore in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.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, bright yellow, or deep purple to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4, 72.4% Fe), hematite (Fe2O3, 69.9% Fe), goethite (FeO(OH), 62.9% Fe), limonite (FeO(OH)-- n(H2O), 55% Fe) or siderite (FeCO3, 48.2% Fe).The global iron ore market is highly fragmented with small and large vendors. The market is highly competitive and dominated by large global vendors who have a vast geographical presence, with production facilities located worldwide. The key vendors in the market are BHP, Fortescue Metals, Rio Tinto, Vale. Other prominent players are Anmining, ArcelorMittal, Anglo American, HBIS Group, Beijing Huaxia Jianlong Mining, Evrazholding Group, Metalloinvest, LKAB Group and Cleveland-Cliff.The global Iron Ore industry is very competitive. The key points affecting competition are price, quality and range of products offered, reliability, operating costs and shipping costs. The big players are taking advantage of economy of scale to squeeze small competitors and gain market share. Efficiency in reducing costs is crucial to survive in an environment, which already led some small players to bankruptcy filings.The worldwide market for Iron Ore is expected to grow at a CAGR of roughly 8.8% over the next five years, will reach 252200 million US$ in 2023, from 152400 million US$ in 2017. Source- www.marketwatch.com
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