Iron Prices: Comprehensive Analysis of Index, Trends, and Forecasts | Procurement Resource Insights

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Iron

Iron (Fe) is an inorganic element, which is an active metal that readily combines with oxygen in moist air to form oxides, which is commonly known as rust. It belongs to the transition metal group with high thermal and electrical conductivity. The metal shows a high tendency to form positive ions and may exist in +2 and +3 oxidation states. Iron easily dissolves in acid compounds such as citric acid, hydrobromic acid, muriatic acid, hydrochloric acid (HCl), etc. It is produced commercially by heating hematite and magnetite ores with cake and limestone in a blast furnace. The boiling and melting points of the metal compound measures around 2862° C and 1538° C, respectively.

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Iron is a lustrous metal that is silver-gray in color. It is a highly ductile and malleable metal, providing manufacturers with an exceptional combination of castability and machinability for various industrial applications.

The key importing countries that import Iron are Mexico, the Netherlands, and Germany. On the other hand, the key exporting countries for the same are Germany, China, and India.

Key Details About the Iron Price Trend:

Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the iron price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.

Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.

The Iron Price Forecast, including India Iron price, USA Iron price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.

Industrial Uses Impacting Iron Price Trend:

Iron is a common industrial metal that has several applications involving construction and manufacturing activities. The metal is chiefly used to manufacture ferrous alloys that incorporate different elements mixed with Iron, such as carbon, which gives carbon steel as an alloy. It is also alloyed with nickel, chromium, and other metals or non-metals to form cast Iron. Iron is used in magnets and fabricated metal products such as bolts, nuts, screws, cutlery, doors, windows, hand tools, pipes and fittings, car parts, cans, and much more.

Additionally, it is used to manufacture machinery used at commercial places, mostly vehicles used for transportation or transportation equipment such as trolleys, etc. The metal is used to produce toys, rods, and sports goods.

Key Players:

  • Tata Steel BSL Ltd
  • Bharat Engineering Works
  • Essar Steel
  • Jindal Steel & Power Ltd
  • JSW Steel
  • Lloyds Metals and Energy Limited

News & Recent Development

  • Date: April 4, 2023- Mumbai High Court files a PIL on the Iron ore fields at Sindhudurg district of Maharashtra, and Goa, detecting gold, platinum, and other valuable materials.

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