Iron (Fe) is a chemical element/metal from Group 8 (VIII b) of the periodic table that appears silver-grey in colour. Metal is one of the most used metals and is also the cheapest and is widely available inside the crust of the earth. Industrially, it is made in a blast furnace through the heating of haematite or magnetite with coke (carbon) and limestone (calcium carbonate), which creates pig iron from which steel is made.
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Its respective melting and boiling points are 1,538 °C (2,800 °F) and 3,000 °C (5,432 °F). The atomic mass of iron is 55.85 g.mol -1, and its density is (g cm−3) 7.8 g.cm-3 at 20°C. Iron has great properties, including being malleable, lustrous, and ductile.
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 chart, 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 extensively employed for producing steel which is a key metal heavily used in the construction industry as it is used for civil engineering, like girders and reinforced concrete, among others. Furthermore, it can be used in steel alloys with additives like chromium, vanadium, nickel, tungsten, and manganese. The metal can be employed for constructing bridges, electricity pylons, bicycle chains, cutting tools and rifle barrels. In addition, it works as a catalyst in the Haber process for producing ammonia and in the Fischer–Tropsch process for the conversion of syngas (hydrogen and carbon monoxide) into liquid fuels. Other uses of the commodity include its application in making magnets, food containers, screwdrivers, automobiles and washing machines etc., which propel the industry’s expansion.
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
22 March 2023- Exports of iron ore in India will likely decline by 24% to a five-year low this fiscal year as a recent export tax delayed shipments.
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