Iron Ore
Regions Covered
China
Regions Covered
China
Iron is extensively used for steelmaking in electric arc furnaces and in iron and steel foundries. The demand for steel across North America is led by the US, which accounts for three thirds of the total consumption in the region. The US construction industry accounts for about 40 percent of the demand. As a positive signal for a growth, the existing proposals for boosting infrastructural investments require approval from government. So it is uncertain about the scale and timing of infrastructural development. China consumes over 40 percent of the global steel output. An increase in domestic consumption of steel is anticipated in the next few years amidst rise in urbanization. This growth has come primarily from the construction and machine building industries, which account for almost all steel consumption in the country
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