Iron and steel raw materials market at the beginning of the 21stcentury

ABSTRACT

Iron and steel raw materials market evolves rapidly. Global mine production of iron ores and concentrates, metallurgical coal, pig iron and crude steel exceeded 1 billion tonnes at the turn of the 20thand 21stcenturies or in the first 20 years of new millennium. International trade in these fields, as well as trade of such products as coke, ferroalloys and scrap, is also huge. Demand growth rate for steel raw materials, finished and semi-finished steel, and cast iron products is currently the highest among other mineral raw materials. Almost 90% of iron ore supplies come from Australia and Brazil, and the dominant consumer - China - is responsible for almost use. A geographic evolution in the steel production and the consumption of derived products has taken place. China has grown from a secondary crude steel producer and secondary steel products user to a leader with over 50% global share of steel production and a leading exporter of finished products. The iron and steel market has concentrated in the East and South Asia due to high consumption of imported steel raw materials in Japan and South Korea, rapid demand growth in India, investment in energy-efficient scrap processing in Turkey and Iran, while simultaneous reductions in the production capacity of the steel industry in the European Union, former Soviet Union and the US. Market disruption due to Covid-19 pandemic appears to be short-lived, and China has strengthened its position. In the first half of 2021, the prices of steel products increased dramatically, which immediately resulted in the change in prices of apartments and other constructions based on this most widely used metal. © 2022 Polish Geological Institute. All rights reserved.