In December 2022, iron ore was valued at approximately 111.84 U.S. dollars per dry metric ton unit (dmtu), as compared to 116.96 U.S. dollars per dmtu in the same month of the previous year.
Iron ore prices and production
Iron ore refers to the minerals and rocks from which metallic iron is economically viable to extract. Pig iron, which is one of the raw materials used in steel production, is derived from iron ore. The price of iron ore has fluctuated a great deal over the last twenty years. In 2003, one dmtu of iron ore cost 30 U.S. dollars, and increased to a high of 168 U.S. dollars per dmtu in 2011. The price saw dramatic drops in the past decade, from 139.87 U.S. dollars per dry metric ton unit in March 2013 to 40.50 U.S. dollars per dmtu in December 2015. Since then, the price has increased gradually to 214.14 U.S. dollars per dmtu as of July 2021, before dropping sharply in August 2021.
Iron ore producers
Overall, the global production of iron ore did not decrease when the prices dropped. In fact, an increase in production among several of the world's largest iron ore producing countries was observed in the past five years. Australia produced 900 million metric tons of iron ore in 2020, an increase of 83 million metric tons over the country's 2015 production. China is also among the world's largest iron ore producers, though its production is calculated differently than in other countries. Based primarily on the production of raw ore rather than usable ore, China produced an estimated 340 million metric tons in 2020, a notable decrease from 1.45 billion metric tons produced in 2013.
ABOUT KEVA
Keva Casting is a professional casting company that focuses on Construction, Machinery, Automobile, Hardware, Pipeline and many other industries.
We provide top quality products with the best service based on our complete production chain including our own mold design, advanced production techniques, and full management of the supply chain. Keva Casting has two factories located in Zhucheng, China's Shandong province.
We use "shell molding", which is a new technique that has been developed in recent years.This new technique has simplified production procedures and reduced air pollution compared with traditional sand casting and investment casting. Shell making and core making are faster to ensure production in enormous quantities. The dimensions and surface finishing are satisfactory for all kinds of industrial requirements. Besides supplying our own formwork & scaffolding systems, our casting products also supply OEM services in various industries.