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Argus launched coverage of the global iron ore market with daily report Argus Steel Feedstocks in February 2013. [17] Argus expanded its metals coverage further in 2015, after acquiring MetalPrices.com [ 18 ] - a specialist pricing, news and analysis service focusing on speciality metals, rare earths and ferro-alloys.
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Of the iron ore exported, 38.5% of the volume was iron ore pellets with a value of $2.3 billion, and 61.5% was iron ore concentrates with a value of $2.3 billion. [40] 46% of Canada's iron ore comes from the Iron Ore Company of Canada mine, in Labrador City, Newfoundland, with secondary sources including the Mary River Mine in Nunavut. [40] [41]
[4] [5] In November 2024 the mine was closed and put into care and maintenance after a collapse in lithium prices. [6] [7] In June 2024, Mineral Resources announced it would shut down its Yilgarn iron ore hub by the end of the year after it was deemed financially unviable. [8]
The company had made steel in Scranton, Pennsylvania since 1840, but moved to provide easier access to iron ore, and in an unsuccessful attempt to avoid labor troubles. Birmingham, Alabama became a major steel producer in the late 1800s, using locally mined coal and iron ore. The iron ore was mined from the Red Mountain Formation of Silurian age.
For each commodity they quote a range (low and high price) which reflect the buying and selling about 9-fold due to China's transition from light to heavy industry and its focus on manufacturing. [2] (China became the world's largest consumer of iron ore in 2003, [3] and accounts for over half of global metal consumption.) [4]
Iron ore was the third-highest-value metal mined in the United States, after gold and copper. [2] Iron ore was mined from nine active mines and three reclamation operations in Michigan, Minnesota, and Utah. Most of the iron ore was mined in northern Minnesota's Mesabi Range. Net exports (exports minus imports) were 3.9 million tons.
Rank Country Usable iron ore production (× 1000 tonnes) Year World 2,500,000: 2022 1: Australia: 880,000: 2023 2: China: 659,000: 2023 3: Brazil: 422,000: 2023 4 ...