A rise in the production of steel due to increasing demand from end-user industries such as construction and automobiles is one of the key factors fueling the growth of the global iron ore market.

LONDON: The strategic procurement research report on the iron ore market is an integral part of SpendEdge’s metal and mining category portfolio and offers a deep-dive assessment of the current supply market, key factors influencing procurement decisions, pricing models, supplier landscape, and procurement best practices. It also offers insights into the major supply market insights, demand-supply shifts, and key market developments to help sourcing and procurement experts make smart strategic procurement decisions.

The augmentation in the use of automated fleets to reduce production costs is one of the key reason driving the global iron ore market. This resulted in the increased implementation of automated fleets in the mining of iron ore by suppliers.

“Purchasing managers must collaborate with suppliers that have adopted automation in mining processes, as it minimizes the risk of supply disruptions due to human error,” says Angad Singh, a metal and mining procurement research specialist at SpendEdge.

The prices of iron ore are highly dynamic in nature due to prevailing market conditions. The demand from the steel industry is one of the prominent factors affecting the prices of iron ore. This creates difficulty for purchasing managers to calculate prominent budgets, as it is difficult to forecast accurate prices of iron ore over the entire duration of the contract.

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This procurement report on the iron ore market offers insights on:

• Supply markets, growth drivers, and challenges
• Key suppliers and assessment of their capabilities
• Procurement best practices
• Negotiation strategies and cost-saving opportunities
• Pricing models and category innovations
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