Which is not the same as iron ore consumption: for some steel is made of recycled steel, not from iron ore.
Basically, to assess mineral content the geologists drill some holes and assay the ore for potash exploring percentage of mineral content as well as the thickness of the pay zone.
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Looking ahead, the recovery in iron ore spot prices brings some comfort for Vale investors.
The bacteria are sprayed on to heaps of sulphide ore, along with some acid.
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There were signs that the tightening was having some impact, as monthly iron ore imports dropped 11%.
This meets demands from Indian states that they should have the benefit of adding some value after their iron-ore deposits have been mined, while also allowing down-stream processes to be tailored to meet local requirements.
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Mr Albanese championed a deal in which Chinalco would double its stake in Rio to 18% and buy shares in some prize assets (including iron-ore mines in the Pilbara).
Some growth has been companies processing lower-grade ore that may not have been feasible at lower gold prices, analysts said.
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There was also concern that Europe's competition authorities might balk at a deal which would put the combined entity in control of roughly 40% of the world's international trade in iron ore, and force it to sell some assets at a time when it would be difficult to get a good price.
Most of its problems are being caused by low prices and slowing demand for iron ore which have been eroding profits for quite some time now.
They too want to reopen some of their closed mines to look for low-grade ore, and plan to expand production through joint ventures with international players.
For at some point it will be true that the demand for virgin ore will be at least partially displaced by the growing supply of scrap.
Hines, whose cellar of some 400 bottles includes meunier, buys directly from a Yamhill, Ore. producer each year.
The acquisition, however, will make the company bigger and more expensive for potential acquirers, likely accounting for the slide in its stock price on Wednesday. (See "New Heights For Cleveland-Cliffs") Robson also noted that some investors may have left because they had wanted a straight iron-ore play.
Steel manufacturers, the largest consumers of iron ore, have started to demand even shorter-term contracts, with some Chinese buyers entering into monthly contracts.
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The model begins with an input-output table, which says that, for example, the steel mill industry uses the output of the iron ore industry, the electric utility industry, as well as labor and some lesser inputs.
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Vale is seeing some of its market share erode as other local steel producers get in on the iron ore market.
The company said it expects iron ore prices to remain strong in the long time and reverse current trends at some point in the near future.
Barclays believes the main reasons for these declines stem from poor ore grades being mined as well as disruptions in the form of strikes, with some pipeline cuttings, and poor weather.
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"While the manufacturing sector continues to decline, the rate of decline has slowed very quickly, giving some hope that recovery may come faster than is generally found in a major downturn, " said Norbert Ore, chair of the ISM's Manufacturing Business Survey Committee.
Rinehart inherited or has acquired the rights to some of the largest mineral leases in the Pilbara, believed to contain billions of tons of minable reserves of iron ore.
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