Iron ores are the rocks and minerals. The metallic iron can be extracted from the minerals and rocks. Usually, the ores are found to rich in iron oxides and come in varied colors including deep purple, dark grey, rusty red and bright yellow. The iron is basically available in the form of limonite, magnetite, siderite, goethite, and hematite.
The demand for this commodity is proportionately much higher in industrialised countries. Today, China produces half of the world’s steel, some two million tonnes per day. It imports 75 million tonnes of iron ore a month and accounts for two thirds of seaborne demand.
On the supply side, Australia is the largest exporter of iron ore with 2014 exports anticipated to reach 650 million tonnes. Brazil is expected to export 330 million tonnes, and China to produce some 350 million tonnes.
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