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In 2006, China produced 588 million tons of iron ore, with an annual growth of 38%. Iron ore market. Over the last 40 years, iron ore prices have been decided in closed-door negotiations between the small handful of miners and steelmakers which dominate both spot and contract markets.

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Iron ore is the raw material used to make pig iron, which is one of the main raw materials to make steel—98% of the mined iron ore is used to make steel. Indeed, it has been argued that iron ore is "more integral to the global economy than any other commodity, except perhaps oil".

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Jan 04, 2007 · Rio Tinto Iron Ore's low-grade ore beneficiation plant in the Pilbara was commissioned in 1979. Initial engineering, design, and construction were undertaken by KBR (Kellogg Brown and Root) and Minenco (RTIO information provided to author, 2013).

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