What is Iron Ore used for?


Iron ore is part of our everyday lives and our modern world would look completely different without it. 98% of world iron ore is used to make steel, which accounts for over 90% of all metals used in the world. 

Steel is used in building for so many things, from cars, trains and ships through to the high rise buildings in our cities and the bridges that connect us. Steel is used to create pipes, cars, ships, engines, roofs, nails, nuts, bolts, tools, machinery, in building & construction, to make white goods, in manufacturing, food cans and much more.

Iron Ore Market


Over the last 40 years, iron ore prices have been decided in closed-door negotiations between the small handful of miners and steelmakers which dominate both spot and contract markets. Traditionally, the first deal reached between these two groups sets a benchmark to be followed by the rest of the industry.

In recent years, however, this benchmark system has begun to break down, with participants along both demand and supply chains calling for a shift to short term pricing. Given that most other commodities already have a mature market-based pricing system, it is natural for iron ore to follow suit.


IRON ORE PRODUCERS

© 2023 Central African Iron Limited