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Weakening Chinese iron ore demand will be a huge shock to many of the world's mining giants, which are exporting hundreds of millions of iron ore to the world's second-largest economy.

The European Union (EU) has imposed tariffs on cold rolled stainless steel imports from India and Indonesia.

China's iron ore fell for a fourth straight session and coke hit a four-month low on Wednesday on a weaker demand outlook and easing supply concerns for the steelmaker's raw material. largest steel in the world.

Difference between Iron and Steel

Hot rolled steel is processed, pressed, stamped, and shaped while the steel is still hot. Then let it cool to get the finished product.

According to Fitch's update, the average iron ore price this year and 2022 is $155/ton and $110/ton, respectively, compared with $170/ton and $130/ton in the previous forecast.

What is steel grade?

Importance of the steel industry

Experts predict that the production cost and cost of "green steel" will be more expensive than ordinary steel.