Best Sponge iron wholesale price in 2021

The main producer is Australia, followed by China and Brazil. Other major producers are Russia and the Iran ranked 10th in the world after Canada (40 million tons) in production of about 38 million tons of iron ore. Approximately 21 million tons of it was used steel factories, the remaining 17 million two hundred thousand tons were exported. For detailed information about sponge iron wholesale, visit our website.

Why it is called sponge iron?

China is the world’s largest steel producer, which accounts for 44% of world production and imports iron ore. In 2012, China became the world leader with 1.3 billion tons of astronomical iron ore production and an average addition to this production amount, 743 million tons of iron ore was imported. Estimates show that the quality of China’s iron ore production quality will decline from year to year and, for example, the average grade of production in 2013 will be 25-23%. With the decline in the quality of iron ore produced in China, the demand for imports will increase later, and this iron ore import quantity is estimated to reach 800 million tons.

Consumption: The steel industry is the largest accounting for 98% of the world’s iron ore production. As a result, steelmaking highlights the need for iron ore. It also accounts for 75% of the costs in steel, iron ore and coal production costs. Asia is still the main steelmaker and China and India are the largest steelmakers in Asia. Because the volume of infrastructure activities in these two countries is high and their steel needs are higher. Although countries such as India have high economic growth, change the direction of economic growth for this upward trend to be sustainable in the long run.

However, since mid-2012 following the decision of the Supreme Court of India, the export and production of iron ore in the states of Karnataka and Goa has been severely restricted, so India has now become an importer of iron ore specifically light bulbs (10-30mm).

Pricing: Usually in the past, iron ore price was determined as a result of negotiations between major mining companies and steel producers, and the price determined in these negotiations was a kind of price index for the entire steel industry.

Recently, however, this annual mechanism has been replaced by a system, and the largest mining companies (Vale & BHP Bilton, Rio Tinto) no longer enter into annual contracts. Many Australian and Brazilian mining companies have turned to short-term contracts.

price fluctuations: Changes in the US dollar exchange rate also affect the iron ore price, as the price of iron ore is determined in US dollars as it depends on the international price index. For more information about the sponge iron formula, visit our site.

Bulk price of sponge iron in 2021

Bulk price of sponge iron in 2021 in our collection is affordable and suitable, and we export this product to other countries at a good price. Therefore, you can visit our site for more information about sponge iron process formula.