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SUGAR LAND--May 25, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--A recovering steel market is driving up demand for iron ore feedstock at steel mills, especially in China. Global iron ore mine production was about 2.4 billion tons in 2020, according to the U.S. Geological Survey (USGS), which is down slightly from 2019, mainly due to a pandemic-related supply-and-demand slowdown. However, demand has improved, starting in the second half of 2020 and continuing in 2021. Iron ore prices reached record highs of greater than $220 per tonne this month. Brisk demand, coupled with supply disruptions, have driven up prices this year.
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