(To see how demand, prices and supply interact to shape market conditions see video: ) What is Iron Ore?Iron ore is a substance that is rich in iron and oxide, and that is found in rocks and minerals in one of the following forms: magnetite, hematite, geothite, limonite, or siderite.
The business continues to be the world’s largest autonomous truck operator and a proud leader in automated mining technologies.
Some iron ore mines, such as those in Canada, China and Africa, have buckled under the pressure.
Nevertheless, producers with operating costs that are far below current iron ore prices are well-positioned to take market share.
The extracted ore is then transported by a combination of rail and ship to both domestic and foreign markets.
Iron Ore Prices The price of iron ore has exhibited large volatility over the last 6 years (FIGURE 1).