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Here is some information for Iron Ore minerals:
Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, deep purple, to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4), hematite (Fe2O3), goethite (FeO(OH)), limonite (FeO(OH).n(H2O)) or siderite (FeCO3).
Magnetite is magnetic, and hence easily separated from the gangue minerals and capable of producing a high-grade concentrate with very low levels of impurities.
The grain size of the magnetite and its degree of commingling with the silica groundmass determine the grind size to which the rock must be comminuted to enable efficient magnetic separation to provide a high purity magnetite concentrate. This determines the energy inputs required to run a milling operation.
Mining of banded iron formations involves coarse crushing and screening, followed by rough crushing and fine grinding to comminute the ore to the point where the crystallized magnetite and quartz are fine enough that the quartz is left behind when the resultant powder is passed under a magnetic separator.
Generally most magnetite banded iron formation deposits must be ground to between 32 and 45 micrometers in order to produce a low-silica magnetite concentrate. Magnetite concentrate grades are generally in excess of 70% iron by weight and usually are low phosphorus, low aluminum, low titanium and low silica and demand a premium price.
Due to the high density of hematite relative to associated silicate gangue, hematite beneficiation usually involves a combination of beneficiation techniques.
One method relies on passing the finely crushed ore over a bath of solution containing bentonite or other agent which increases the density of the solution. When the density of the solution is properly calibrated, the hematite will sink and the silicate mineral fragments will float and can be removed.
Direct shipping (hematite) ores
Direct shipping iron ore (DSO) deposits (typically composed of hematite) are currently exploited on all continents except Antarctica, with the largest intensity in South America, Australia and Asia. Most large hematite iron ore deposits are sourced from altered banded iron formations and rarely igneous accumulations.
DSO deposits are typically rarer than the magnetite-bearing BIF or other rocks which form its main source or protolith rock, but are considerably cheaper to mine and process as they require less beneficiation due to the higher iron content. However, DSO ores can contain significantly higher concentrations of penalty elements, typically being higher in phosphorus, water content (especially pisolite sedimentary accumulations) and aluminum (clays within pisolites). Export grade DSO ores are generally in the 62–64% Fe range, up to 72% Fe contents.
Magmatic magnetite ore deposits
Occasionally granite and ultrapotassic igneous rocks segregate magnetite crystals and form masses of magnetite suitable for economic concentration. A few iron ore deposits, notably in Chile, are formed from volcanic flows containing significant accumulations of magnetite phenocrysts. Chilean magnetite iron ore deposits within the Atacama Desert have also formed alluvial accumulations of magnetite in streams leading from these volcanic formations.
Some magnetite skarn and hydrothermal deposits have been worked in the past as high-grade iron ore deposits requiring little beneficiation. There are several granite-associated deposits of this nature in Malaysia and Indonesia.
Other sources of magnetite iron ore include metamorphic accumulations of massive magnetite ore such as at Savage River, Tasmania, formed by shearing of ophiolite ultramafics.
Another, minor, source of iron ores are magmatic accumulations in layered intrusions which contain a typically titanium-bearing magnetite often with vanadium. These ores form a niche market, with specialty smelters used to recover the iron, titanium and vanadium. These ores are beneficiated essentially similar to banded iron formation ores, but usually are more easily upgraded via crushing and screening. The typical titanomagnetite concentrate grades 57% Fe, 12% Ti and 0.5% V2O5.
Iron ore market
Over the last 40 years, iron ore prices have been decided in closed-door negotiations between the small handful of miners and steelmakers which dominate both spot and contract markets. Traditionally, the first deal reached between these two groups sets a benchmark to be followed by the rest of the industry.
This benchmark system has however in recent years begun to break down, with participants along both demand and supply chains calling for a shift to short term pricing. Given that most other commodities already have a mature market-based pricing system, it is natural for iron ore to follow suit. To answer increasing market demands for more transparent pricing, a number of financial exchanges and/or clearing houses around the world have offered iron ore swaps clearing. The CME group, SGX (Singapore Exchange), London Clearing House (LCH.Clearnet), NOS Group and ICEX (Indian Commodities Exchange) all offer cleared swaps based on The Steel Index's (TSI) iron ore transaction data. The CME also offers a Platts based swap, in addition to their TSI swap clearing. The ICE (Intercontinental Exchange) offers a Platts based swap clearing service also. The swaps market has grown quickly, with liquidity clustering around TSI's pricing. By April 2011, over US$5.5 billion dollars worth of iron ore swaps have been cleared basis TSI prices. By August 2012, in excess of one million tonnes of swaps trading per day was taking place regularly, basis TSI.
A relatively new development has also been the introduction of iron ore options, in addition to swaps. The CME group has been the venue most utilised for clearing of options written against TSI, with open interest at over 12,000 lots in August 2012.
Singapore Mercantile Exchange (SMX) has launched the world first global iron ore futures contract, based on the Metal Bulletin Iron Ore Index (MBIOI) which utilizes daily price data from a broad spectrum of industry participants and independent Chinese steel consultancy and data provider Shanghai Steelhome's widespread contact base of steel producers and iron ore traders across China. The futures contract has seen monthly volumes over 1.5 million tons after eight months of trading.
This move follows a switch to index-based quarterly pricing by the world's three largest iron ore miners - Vale, Rio Tinto and BHP Billiton - in early 2010, breaking a 40-year tradition of benchmark annual pricing.
We have seen large price decreases and increases in the last two years which has had large impacts on the Iron Ore market worldwide and prices, especially in China.