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The primary use of iron ore is in the production of iron. Most of the iron produced is then used to make steel. Steel is used to make automobiles, locomotives, ships, beams used in buildings, furniture, paper clips, tools, reinforcing rods for concrete, bicycles, and thousands of other items. It is the most-used metal by both tonnage and purpose.

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Aug 31, 2014· 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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Iron Ore (Fe) is mined in around 50 countries worldwide and used to make steel (buildings, cars, white goods etc.). Global economic growth is the primary factor that drives its supply and demand. When economies are growing, the need for steel in construction increases which drives the price up.

The spot iron ore price continued its spectacular rally on Monday, closing above the $50 a tonne level for the first time since October 27 last year.

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Iron Ore PRODUCT GUIDE. This guide is intended to provide those interested in trading and hedging iron ore essential background on iron ore markets and the contract ICE has made available for market participants. Additional information is available through the resources highlighted in this guide.

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