IRON ORE MARKET

Iron is the world's most commonly used metal. It is used primarily in structural engineering applications and in maritime purposes, automobiles, and machinery, with the main consumers being China, Japan, Korea, the United States and the European Union. Magnetite and haematite (both iron oxides) are the two main commercial ores of iron. Iron is also recovered from pyrites (FeS2). Iron ore is mined, processed and smelted chiefly to produce steel in integrated steel plants.

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