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Why Such A High Demand For Iron Ore?
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Chinese economic growth and the requirement for continued steel supply affect the demand. Despite being forced to reduce production capacity - due to environmental implications - there still remains a very high output if you consider the number of resources readily available. Covid-19 also caused a significant amount of disruption to the supply chain as Brazilian exports were reduced due to the spread of the virus or social distancing measures.
As Chinese steel production frequency is at its highest on record, the industry is also faced with less availability of Iron Ore. Price of the material continues to rise as the industry experiences a deficit which is already causing issues. According to Fastmarkets MB, Iron Ore imports into Northern China are up by 0.7%, reaching US$220.77 per tonne.
Source: Mining
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