The report titled “Global Iron Ore Mining to 2021-Demand from Asian Countries Specially India to Encourage Global Supply”, provides a comprehensive analysis of iron ore mining to encourage global supply. This report covers need for iron ore, extraction and processing of crude ore, supply of iron ore, volatile prices of iron ore, uncertainties in global market, major global operating iron ore mines, leading players in mining and future of the mining sector over the coming years.
Industry Overview: Iron ore is a rock containing iron content in sufficient volume. Iron in ore iron is most commonly found in the form of magnetic, hematite, goethite, limonite, and siderite forms. Majority of the iron ore in the global market is used in the production of iron and steel. The most common methods of extracting the iron ore is blasting, drilling, or general excavating and majority of the iron ore is produced from open-pit mines. After extraction of the raw iron ore, it is shipped to iron and steel manufacturing plants. The iron minerals are separated from the valueless minerals by magnetic, gravity, or froth floatation processes. The metallic iron can be economically extracted from rocks and minerals know as iron ores which are typically high in iron oxides. There are four types of ore deposits and the most commonly mined are magnetite, titanomagnetite, massive hematite, and pisolitic ironstone deposits.
Iron ore is the primary resource of iron for the world’s iron and steel industries. The production can be described as crude ore, usable ore or iron content of the ore. Majority of the crude ore used globally is produced in China while usable iron ore is produced by other countries typically. Crude iron ore implies to ore extracted from the ground that has not been processed or concentrated to increase its iron content. Usable ore or finished ore refers to ore that can be used directly in any process. Approximately 98% of the world’s usable iron ore production is consumed in blast furnaces to make pig iron, which is further processed to make steel.
Advancements in Iron Ore Mining: It was observed that iron ore production will increase steadily over the next few years. Majority of the iron ore supplied globally will be predominantly driven by India. The initial decline in iron ore production in the recent years has resulted in shut down of the largest iron ore producing mines in India which are Goa, Orissa and Karnataka; however, these mines were restarted which will boost the production. The growth in India’s iron ore mining is expected to be supported by the removal of export taxes for low-grade ores. India’s Mines and Minerals Development and Regulation Act is assisting in streamlining licensing and reopening the closed mines.
The iron ore prices will remain volatile, and this trend could lead to an increase in the cost of the metals. It was observed that Asia is emerging as an opportunity rich region along with China and India. With the increasing population and rising living standards are expected to continue to drive demand for metals for decades to come. The increasing demands will lead to the industrialisation and urbanisation which are still developing. Advance technology evolves opportunities, threats, and climate change policies. Researchers say that there might be an uncertainty about how the future of the global iron ore mining market would unfold. Globally many countries are implementing trade-suppressing policies, geopolitical risks are evident, and many of the major economies are looking forward for an increasingly unpredictable growth.
Global Major Players and Geographical Operators in Iron Ore Mining: The major operating iron ore mines globally are in Asia-Pacific (APAC), Europe, Oceania, Middle East and Africa (MEA), South and Central America (SCA), North America (NA) and Former Soviet Union (FSU). There are major developments in the iron ore projects in APAC, Europe, FSU, MEA, NA, Oceania, and SCA. The leading companies in global iron ore mining are Vale S.A., Rio Tinto Plc , Anglo American plc , and BHP Billiton Ltd.
Way Forward for Global Iron Ore Mining: It was observed that the global iron ore mining industry will witness Australia as the second largest global producer of iron ore after China, although China’s production will decline over the next few years. China’s iron ore sector will experience more iron ore mine closures due to low iron ore prices, high production costs and low grade ores. The iron ore mining on a global scale will grow at a steady rate. Majority of the mines in Brazil and India are restarted and expanded to boost the production of iron and steel.
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