CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
From energy and construction to transportation and equipment manufacturing, iron ore is critical to nearly every industry.
Beyond its applications, iron ore production is an economic stimulant critical to US growth. Because of the its immense supply of iron ore, America ranks among the top 10 producers of the metal, according to data from the National Mining Association.
In fact, in 2013, the value of iron ore produced in the US. amounted to $5 billion. And production of the metal, says the NMA, supported more than 20,000 direct, indirect and induced jobs in 2012.
Here they explain it all:
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Mario Pauls
Investment company Rio Tinto, which competes with Vale, BHP and Fortescue Metals Group in
the seaborne iron ore market, said it was on track to produce 295
million tonnes of the steel-making material in 2014, up from 266 million
last year. This is Australian production for one company. Source: Reuters 16/07/2014
Mario Pauls
“BHP expects full-year production of 217 million tonnes for the financial year just ended, up on 187 million tonnes in 2012-13.”
“China produces about 350 million tonnes of iron ore each year,…”
Amanda Saunders travelled to Port Hedland as a guest of BHP Billiton.
Sydney Morning Herald, Amanda Saunders, 3/07/2014
Read more: http://www.smh.com.au/business/mining-and-resources/bhp-ramps-up-iron-ore-supplies-to-shut-out-chinese-competition-20140703-zsub1.html#ixzz37hoHIS9i