China Consumes 46% of the Worlds Iron Ore, thats why IRON ORE TRADING WILL MAKE $
The steel industry has steadily recovered from the impact of the global economic downturn, which slashed crude steel production by 9% in 2009. According to the World Steel Association, world crude steel production was a record 1,548 Mt in 2012, outperforming the record set in 2011 by 1.2%. Significant growth in Asia and North America were instrumental for the annual upside, marred somewhat by declines in Europe and South America.
During 2012, production in Asia improved 2.7% to 1,012 Mt. China emerged as the leading steel producing country once again, up 3.1% year over year and yielding almost 46% of the global output. Production in Japan, the second largest producer, remained flat year over year. The United States held the third position, producing 88.6 Mt of crude steel, up 2.5% annually and accounting for 6% of the total global output. Production in Europe and South America were a dampener, declining 2.7% and 3.1%, respectively.