The latest report titled iron ore production cost report by Procurement Resource, a global procurement research and consulting firm, provides an in-depth cost analysis of the production process of Iron Ore.
Procurement Resource study is based on the latest prices and other economic data available. It also offers additional analysis of the report with detailed breakdown of all cost components (capital investment details, production cost details, economics for another plant location, dynamic cost model). In addition, the report incorporates the production process with detailed process and material flow, capital investment, operating costs along with financial expenses and depreciation charges.
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Procurement Resource’s detailed report describes the stepwise consumption of material and utilities along with a detailed process flow diagram. Furthermore, the study assesses the latest developments within the industry that might influence Iron Ore production cost, looking into capacity expansions, plant turnarounds, mergers, acquisitions, and investments.
Procurement Resource Assessment of Iron Ore Production Process:
1. Iron Ore Production From Extraction: This report presents the extensive cost requirement of iron ore industrial production across iron ore manufacturing plants via extraction followed by other processes. The process begins with a screening method which improves the crushing efficiency. Next, the iron is crushed and diverted to a stockpile. A continuous material supply gets fed to the mill to ensure the process’s uniformity.
The next step is spiral gravity separation, before which the material is ground. Next, the separation of heavier and finer particles takes place using centrifugal force. This step is repeated 2-3 times on the basis of desired properties. At last, the iron goes through magnetic separation as well as pelletisation.
Iron Ore is the primary source of metallic iron that is naturally found in the earth’s crust in the form of rocks and minerals. These ores can be divided into four main categories, including massive hematite, magnetite, titanomagnetite, and pisolitic ironstone. The colour range of the ores varies from dark grey or bright yellow to deep purple or rusty red. It is extensively used in producing metallic iron (Fe). On the basis of its composition, it accounts for nearly 35% of the total mass of the Earth (almost 8.1% of the crust’s weight).
Iron ore’s primary application is in pig iron production, which has further usage in steel making, which is crucial for providing steel to other downstream industries, including construction, transportation, energy infrastructure and household appliances. Furthermore, radioactive iron finds application in products such as inks, plastics, cosmetics, iron blue in paints as well as in medicine. Also, it has wide usage in several downstream industries since it is used to make a range of products, including tools, ships, automobiles, locomotives, bicycles, furniture, paper clips, beams used in buildings, and reinforcing rods for concrete which furthers the market expansion.
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