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Iron Ore

102.44 USD/Mt 10.5 (11.42%) (Last updated - November 29, 2024 05:00 AM UTC )

Day High

107.03

Day Low

107.03

Previous Close

107.03

52 Week Range

91.98 - 219.77

Change YTD

-24.88%

About

Performance USD/oz	Change
5 Day	11.64%
1 Month	4.73%
3 Months	-4.31%
6 Months	-7.47%
52 Week	-21.48%

November 29, 2024 05:00 AM UTC

Data Powered by Stockdio. Data delayed by 5 minutes unless otherwise indicated.

Iron, the most common element on earth (by mass), constitutes nearly 5% of the earth’s crust. Iron ore is a type of rock from which metallic iron can be economically extracted. Hematite and Magnetite are the two principal iron ores found in the earth.

Most of the iron ore deposits are found in sedimentary rocks. The ores are formed by the combination of iron and oxygen in fresh and marine water, through a chemical reaction. Nearly, all of the Earth’s iron ore deposits are found in rocks that were formed over 1.8 billion years ago.

Most of the iron ore that is mined, is mainly used for the production of iron, which is then used for manufacturing steel. More than 98% of the world's iron ore is used in blast furnaces to make pig iron, which is the primary ingredient for manufacturing steel. The remaining 2% is used in other applications like cement manufacturing and coal wash plants.

China, currently the leading consumer of iron ore, consumes more than half of the world’s total production, followed by Japan and Korea. At the same time, Australia and Brazil combinedly dominate the world’s total iron ore exports. As per the United States Geological Survey and Geoscience Australia, Australia contains around 25% of the world's total iron ore followed by Brazil (19%).

Code	Company	Price	Chg	%Chg	High	Low	Volume	Market Cap
AKO	AKO Akora Resources Ltd	0.125	0.000	0.000	0.125	0.125	326285	15.663 M
BCI	BCI BCI Minerals Limited	0.300	-0.005	-1.639	0.307	0.300	142145	894.564 M
BCK	BCK Brockman Mining Ltd	0.014	0.000	0.000	0.014	0.014	140810	177.718 M
BHP	BHP BHP Group Limited	40.550	-0.350	-0.856	40.550	40.030	6988271	217,970.917 M
CIA	CIA Champion Iron Ltd	5.530	-0.110	-1.950	5.630	5.520	1302533	3,298.668 M
CTM	CTM Centaurus Metals Ltd	0.420	-0.020	-4.546	0.430	0.410	104964	225.999 M
CUF	CUF Fe Ltd	0.008	0.002	33.333	0.008	0.007	2517108	9.357 M
DRR	DRR Deterra Royalties Ltd	3.590	-0.020	-0.554	3.620	3.560	1018598	1,961.885 M
EFE	EFE Eastern Iron Ltd	0.003	0.000	0.000	0.004	0.003	614599	4.968 M
EQN	EQN Equinox Resources Limited	0.165	-0.025	-13.158	0.185	0.165	221239	15.481 M
FEX	FEX Fenix Resources Ltd	0.265	0.000	0.000	0.265	0.260	1532756	194.567 M
FHS	FHS Freehill Mining Ltd	0.004	0.000	0.000	0.005	0.004	1219081	15.393 M
FMG	FMG Fortescue Ltd	18.290	0.150	0.827	18.380	18.020	7187048	60,039.721 M
GEN	GEN Genmin Ltd	0.046	0.001	2.222	0.047	0.044	839625	41.099 M
GRR	GRR Grange Resources Limited	0.235	-0.010	-4.082	0.245	0.235	742229	283.548 M
GWR	GWR GWR Group Ltd	0.088	0.002	2.326	0.088	0.085	496141	27.625 M
HAV	HAV Havilah Resources Ltd	0.195	0.005	2.632	0.195	0.195	49087	67.851 M
HAW	HAW Hawthorn Resources Ltd	0.054	0.000	0.000	0.054	0.054	--	19.766 M
HIO	HIO Hawsons Iron Ltd	0.020	-0.001	-4.762	0.021	0.020	1561372	22.363 M
HLX	HLX Helix Resources Ltd	0.004	0.000	0.000	0.004	0.004	1144991	13.057 M
IRD	IRD Iron Road Ltd	0.060	-0.002	-3.226	0.062	0.060	44444	49.928 M
JNO	JNO Juno Minerals Ltd	0.025	0.001	4.167	0.024	0.024	17000	4.367 M
LCY	LCY Legacy Iron Ore Ltd	0.013	0.000	0.000	0.013	0.013	--	103.826 M
MGT	MGT Magnetite Mines Ltd	0.145	0.025	20.833	0.145	0.110	325553	15.572 M
MGU	MGU Magnum Mining and Exploration Ltd	0.010	-0.001	-9.091	0.011	0.010	502490	8.903 M
MGX	MGX Mount Gibson Iron Ltd	0.305	-0.005	-1.613	0.310	0.305	726459	388.890 M
MIN	MIN Mineral Resources Ltd	34.950	-2.710	-7.196	36.590	34.650	2617691	7,558.121 M
MIO	MIO Macarthur Minerals Ltd	0.057	0.004	7.547	0.057	0.054	117563	11.181 M
PFE	PFE Pantera Minerals Ltd	0.027	-0.002	-6.897	0.029	0.026	579001	10.004 M
PLG	PLG Pearl Gull Iron Limited	0.017	0.000	0.000	0.017	0.017	--	3.477 M
RHI	RHI Red Hill Iron Ltd	4.070	-0.030	-0.732	4.100	4.060	6906	258.434 M
RIO	RIO Rio Tinto Ltd	113.660	-3.880	-3.301	115.330	113.460	1873032	197,567.332 M
SRK	SRK Strike Resources Ltd	0.030	-0.002	-6.250	0.032	0.030	17000	9.080 M
TI1	TI1 Tombador Iron Ltd	0.350	0.000	0.000	0.350	0.350	--	30.219 M
VMS	VMS Venture Minerals	0.012	0.000	0.000	0.012	0.011	707658	32.050 M

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Frequently Asked Questions

1. What is pig iron?

Pig iron is a form of crude iron and an intermediate product formed during the production of steel. It is obtained by smelting iron ore in the blast furnace and contains a high amount of carbon content, which typically ranges from 3.5 to 4.5%, making it brittle. Pig iron is used as the raw material for making steel. Oxygen is blown through the molten pig iron to lower its carbon content and convert it into steel. It takes about 1.6 tons of iron ore to produce one ton of steel.

2. How is steel produced from iron ore?

The production of steel from iron ore requires mixing it with superheated metallurgical coal in a blast furnace. After that, superheated air with temperature ranging around 1,200 degrees Celsius is injected into the furnace to create a flame of nearly 2,000-degree Celsius temperature, which converts iron ore into molten pig iron and slag. Impurities are then removed, and alloys are added to cast the steel which is further cooled and rolled to be used as finished products.

3. How is iron ore mined?

The process of mining iron ore is very much similar to the extraction of other minerals. Firstly, the company holding the licence area explores the geology of the region to identify the best prospects for mining operations. After the identification of the ideal site, the ore is drilled and blasted, and transported to the primary crusher for processing. Then, the crushed ore is sorted in the form of lumps and fines, as per the screen size. A stacker then builds a stack in the stockyards to make the ore ready for transportation. Iron ore is then transported to trains with the help of conveyors and ultimately loaded in ships for export.

4. Which countries are the largest producers of iron ore in the world?

Iron ore is mined in more than 50 countries. The seven largest producers of the world account for around three-quarters of the world's total iron ore production. As per the United States Geological Survey (USGS) 2020 estimates, Australia is the leading iron ore producer followed by Brazil, China, India, and Russia. Based on crude ore reserves as well, Australia and Brazil are the leaders followed by Russia and China.

5. Where are the biggest iron ore sources located in Australia and who are the key players?

The Pilbara region of Western Australia is the key iron ore producing region followed by significant deposits in South Australia. There are hundreds of iron ore mining companies in Australia but among them, Rio Tinto (ASX:RIO), BHP Group (ASX:BHP), and Fortescue Metals Group Limited(ASX:FMG) are the leading players in the country.