The Iron ore market’s supply chain has been severely affected by the lockdowns in China in second half 2022, the Russia-Ukraine war, and the related sanctions. In 2022, a 24 percent to 26 percent decrease is expected to be seen in the costs of iron ore according to Beroe, a global SaaS-based procurement intelligence and analytics provider.
Iron is one of the most extensively used metals in the world and plays a crucial role in many industries. Its strong and durable properties make it ideal for construction and other heavy industries. It's one of the most extensively traded metals around the globe, according to Beroe.
The Russia-Ukraine war, COVID-19, uncertain trade, and the tariffs all have contributed to fluctuations in steel demand. China, however, will utilize scrap material and higher grade iron ore for steel manufacturing to control carbon footprints from the blast furnaces. As a result, the demand for low-grade iron ore will be affected.
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