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Iron ore. Iron ore is the raw material used to make pig iron, which is one of the main raw materials to make steel —98% of the mined iron ore is used to make steel. Indeed, it has been argued that iron ore is "more integral to the global economy than any other commodity, except perhaps oil".
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Iron ore prices shown for are the Asian Basin price for Hamersley fines sourced from the AME Group Iron Ore Outlook and were taken from various editions of this report.
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the allmetals series is roughly matched in iron ore and copper; but the decline in lead and zinc is quite small. A similar analysis applied to sand and gravel, stone, phosphate rock, sulphur and fluorspar shows that all have declined in labour cost.
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