The price of iron ore rose in the March quarter on optimism related to an economic rebound in China after the country lifted its zero-Covid policy and stepped-up efforts to support its struggling property sector.
Benchmark 62% iron fines imported into Northern China rose to US$127.70 per tonne in early March, hitting an eight-month high.
In line with global commitments to eliminate carbon emissions by 2050, the iron and steelmaking industry’s shift towards decarbonisation continues to gain momentum.
Direct Reduced Iron (DRI) technologies and the associated requirement to source high-grade feed sources such as high-grade magnetite concentrates have caught the attention of established and emerging players in the industry.
Jeong-woo Choi, the CEO of South Korea’s largest steelmaker POSCO, recently said that POSCO intends to spend A$60 billion in Australia across the green steel supply chain by 2040 in support of the country’s decarbonising steel industry.
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