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Viewing report
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The Global Iron-Ore Market 2009
Creamer Media, Jan 2009, Pages: 43
Iron-ore’s fortunes are inextricably linked to the health of the global steel industry. The metal is used almost exclusively to produce pig iron and direct reduced iron (DRI), the main inputs, along with coke, in the production of crude steel.
Steel is a key input in the construction, mechanical engineering and transport vehicle industries – sectors that are among the hardest hit in the current global economic recession. As a consequence, the global steel industry is presently facing its worst demand downturn since the oil crisis of the mid-1970s, with the international iron-ore market also being affected.
Iron-ore’s intimate relationship with the steel industry is reflected in the 3% decline in pellet production to 317-million tons in 2008, from the record 326-million tons in the previous year. The decline in pellet production has been attributed to steel-makers responding to the global economic slowdown by keeping their blast furnaces operating at minimum capacity and not using high-grade raw materials such as pellets.
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