1 May 2024
Processing Startup for Iron in United States
U.S. Steel Corp. began production of direct‑reduction grade iron ore pellets at the Keetac Mine in Minnesota, increasing high‑grade pellet output for steelmaking.
Iron trade
Iron Ore
Iron is a significant trade commodity with numerous industrial applications. Primarily produced in countries with abundant iron ore reserves, such as China, Australia, and Brazil, it is used to produce steel and other metal alloys. The production process involves smelting iron ore in a blast furnace to create spongy ferrous products, also known as pig iron. This is then further processed into various forms of iron, including lumps, pellets, and other similar forms. The resulting iron has a minimum purity by weight...
Iron is a significant trade commodity with numerous industrial applications. Primarily produced in countries with abundant iron ore reserves, such as China, Australia, and Brazil, it is used to produce steel and other metal alloys.
The production process involves smelting iron ore in a blast furnace to create spongy ferrous products, also known as pig iron. This is then further processed into various forms of iron, including lumps, pellets, and other similar forms. The resulting iron has a minimum purity by weight of 99.94% and is used extensively in the production of steel.
Steel, an alloy of iron and carbon, is one of the most widely used materials globally, employed in construction, transportation, and various industrial applications. Major iron-producing countries export this commodity to countries with large steel industries, including the United States, Germany, and Japan. The primary input materials for its production are iron ore, coke, and limestone.
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Market intelligence
Relevant Events
1 Jan 2024
Infrastructure Disruption for Iron in United States
Seasonal closures of the Soo Locks, the primary Great Lakes shipping route for iron ore, disrupted U.S. production, shipments, and trade from January through May 2024.
12 Dec 2023
Processing Expansion for Iron in United States
Completion of a $150 million upgrade at U.S. Steel’s Keetac Mine in Minnesota expanded the plant’s capacity to produce direct‑reduction grade iron ore pellets.
1 Jan 2019
Mine Closure for Iron in United States
Transformation of Hoover Color Corp. mine property into a park in Virginia, effectively closing the mine and ending iron ore extraction.
1 Jan 2018
Processing Expansion for Iron in Germany
Lanxess expanded production of micronized iron oxide red pigments at its Krefeld-Uerdingen plant, increasing iron pigment output.
1 Jan 2018
Processing Shutdown for Iron in United States
Closure of three Venator Materials PLC facilities in the United States, reducing domestic iron pigment production capacity.
2018
Processing Startup for Iron in United States
Cleveland-Cliffs Inc. began construction of a 1.9‑Mt/yr hot‑briquetted iron plant at a Toledo, OH brownfield site, expanding domestic iron production capacity.
31 Dec 2017
Tariff Change for Iron in United States
Tariff for iron, pig iron, or steel granules (item 7205.10.0000) was set to free for imports into the United States on 31 December 2017.
1 Dec 2016
Other for Iron in United States
Essar Steel Minnesota filed for bankruptcy in 2016 while constructing a 7‑Mt/yr iron ore mine and pelletizing facility.
1 Dec 2016
Regulatory Change for Iron in United States
The Minnesota Executive Council reduced mineral royalty rates for iron ore mined on state lands by 19% through June 2016.
1 Oct 2016
Ownership Change for Iron in Guinea
Rio Tinto sold its stake in the Simandou iron ore project in Guinea to Aluminum Corp. of China Ltd. in October 2016.
1 Oct 2016
Processing Shutdown for Iron in United States
Magnetation LLC’s Grand Rapids, MN, iron ore processing facility was shut down after a bankruptcy court approval in October 2016.
1 Aug 2016
Mine Closure for Iron in United States
The Empire Mine in Michigan was permanently idled in August 2016, ending its operations.
1 Aug 2016
Mine Restart for Iron in United States
United Taconite in Minnesota resumed iron ore production in August 2016 after a temporary idling.
1 Jul 2016
Infrastructure Disruption for Iron in United States
The Governor of Michigan requested federal funding in July 2016 to upgrade the Soo Locks, a critical shipping route for iron ore freighters.
1 May 2016
Mine Restart for Iron in United States
Northshore Mining in Minnesota resumed iron ore production in May 2016 after a temporary idling.
1 Jan 2016
Processing Startup for Iron in United States
Nucor Steel Louisiana’s 2.5‑Mt/yr direct‑reduced iron facility resumed operations in late January 2016.
1 Jan 2012
Reserve Revision for Iron in Australia
Australia’s iron ore reserve estimates were revised upward based on new data reported in 2012.
1 Jan 2012
Reserve Revision for Iron in Kazakhstan
Kazakhstan’s iron ore reserve estimates were revised based on new information in 2012.
1 Jan 2012
Reserve Revision for Iron in Ukraine
Ukraine’s iron ore reserve estimates were revised based on new data in 2012.
1 Jan 2011
Processing Expansion for Iron in United States
Production ramp‑up of the Mesabi Nugget plant continued in 2011, increasing output of iron‑content nuggets.
1 Apr 2010
Regulatory Change for Iron in United States
The 40‑year global benchmarking system for iron ore sales under annual contracts was terminated in April 2010, ending the standardized pricing regime.
13 Nov 2009
Processing Expansion for Iron in China
LANXESS started modifications to increase efficiency and reduce emissions at its adjacent yellow iron oxide pigment plant.
13 Nov 2009
Processing Startup for Iron in China
LANXESS began construction of a new plant in Jinshan, Shanghai to manufacture black iron oxide pigments, with expected operation in late 2010.
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