CEIC News @lert:
CEIC Sector database has been enhanced with the addition of Iron Ore statistics in the Iron and Steel Sector.
Iron ore is an integral raw material for the world’s iron and steel production industries; almost 98% of the mined iron ore is used to make steel. Given the importance of steel in modern industrial production, iron is among the world’s key commodities, especially in maintaining a strong industrial base.
These newly added datasets of iron ore include production, exports, imports and apparent consumption statistics disaggregated by region and by country. They allow users to monitor the global iron ore demand and supply flows.
The datasets are directly sourced from the World Steel Association (worldsteel) – which collects data from worldsteel member companies, national statistics offices and regional steel industry associations.
In 2011, almost 2.6 billion tonnes of iron ore were mined globally. China contributed about 45% of the world’s total iron ore production, while the second and third largest iron ore producers – Australia and Brazil – accounted for only approximately 19% and 15% of iron ore production respectively.
Despite the declining quality of China’s iron ore (which has between 20-25% iron content), China has emerged as a leading iron ore producer since 2002. This was further bolstered by double-digit growth rates in iron ore production over the past ten years. During recent years, growth in iron ore production has gained higher momentum with growth rates in 2010 and 2011 double that of 2008.
According to 2010 iron ore apparent consumption statistics, Asia emerged as the largest apparent consumer of iron ore. This was primarily attributed to high steel consumption in China, Japan and India; combined, these countries accounted for over 90% of Asian iron ore consumption and about two-thirds of total world apparent consumption.
Trends in steel production and the demand position for iron ore give crucial information on the iron resources available to particular economies and their associated usage. High iron ore production in China and its likewise high demand mean that China will likely keep its leading role in influencing the iron and steel sector in the foreseeable future.
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