Why are the hardware materials constantly rising?

2012 is a challenging year for iron ore producers. Iron ore prices hit a new high at the beginning of the year and then plummeted. Although China's economy is growing at a faster rate, steel demand is stagnating. Many large miners have invested billions of dollars in expanding existing mines and building large-scale projects, despite the fall in iron ore prices. As the investment in mine expansion continues to increase, iron ore producers hope that the future iron ore market will perform strongly. In the past few years, China's steel consumption in the world's largest iron ore consumer country has been huge, steel production has risen with the country's GDP growth, and double-digit economic growth has pushed iron ore prices to $193/ton in mid-February. record of. The country's crude steel output in May also hit a new high of 60.25 million tons as steel mills struggled to keep up with demand for steel from large infrastructure projects and real estate booms. But as China's economic growth slows and higher-than-expected inflation rates increase, steel demand is curbed. In addition, in order to control inflation, China has repeatedly raised interest rates in the past year. High interest rates have reduced steel demand as many large infrastructure projects struggled or were shelved due to lack of funds. For example, China's railway investment fell by nearly 30% in the first eleven months of this year. The slowdown in China’s economic growth has also caused steel production to fall, and iron ore prices have been under pressure. At the end of October this year, the price of iron ore fell to 120 US dollars / ton, and then increased to 134 ~ 136 US dollars / ton due to the replenishment of Chinese steel mills. Several of the world's largest mining companies have invested billions of dollars to increase iron ore production capacity. In 2011, several world-class iron ore projects were expanded or ready to go into production. This can be seen as a good sign that the future iron ore market is bound to perform strongly. Western Australia's resourceful Pilbara mining area is the main battlefield for iron ore companies to expand their annual production. Atlas Iron Ore plans to increase its annual production to 22 million tons by 2015. The company's goal of shipping 6 million tons of iron ore from the Pilbara project is progressing well. In November, the company acquired a 90% stake in the CorunnaDowns direct iron ore project from Gondwana Resources. The company hopes the project will increase the company's annual iron ore production base from 15 million tons to 46 million tons. In addition, mining giant Rio Tinto has also expanded its iron ore project in Western Australia. The company currently operates 13 mining areas and also has a rail network, three shipping terminals and two ports in the Pilbara region. Earlier this year, Rio Tinto approved an expansion plan with a total investment of $833 million to increase the region's annual production capacity to 333 million tons in the first half of 2015. The Gulf of Guinea has also attracted the interest of mining giants who received $10 billion in investment in BHP Billiton, Rio Tinto, Vale and Chinalco last year. According to the US Postal Survey (USGS), the region's final production will reach 10% of global production. Nigeria, known for its oil exploration this year, announced that it will diversify its natural resource base by entering the iron ore market. The main asset of Nigerian state-owned NationalIronOreMining is the Itakpe iron deposit. The country’s mining minister said the deposit has 3 billion tons of iron ore reserves. The company hopes to reach 2 million tons per year and eventually increase to 20 million tons. Australia's Energio Ltd has also been exploring Nigerian iron deposits. The company said early scoping studies confirmed the possibility of an open pit mine with an annual capacity of 100 million tons. The Steel Authority of India (SAIL) is working to put the Chira iron ore project into operation, with a reserve of 1.8 billion tons. The company hopes that the first phase of annual production will reach 7 million tons, and then to 15 million tons, making the project the largest iron ore project in India. The project is located in the mining area of ​​Orissa. Rio Tinto has established a joint venture with Orissa MiningCor, a state-owned mining company in India, to jointly develop iron ore assets in India. Rio Tinto calls the Orissa mining jurisdiction "one of the world's major undeveloped iron ore regions"

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