"Flash Ironmaking" is a new technique, involving spraying iron ore powders into hot smelters. Chinese researchers report a 3,600-fold boom in productivity and time savings.
China is heavily dependent on imports of higher-grade iron ores from Australia, Brazil, and Chile, with imports totaling over a billion tons per year. But this new method can successfully employ lower-yield ores, which China has in abundance.
As this process is rolled out across China's iron smelters and they are fueled increasingly by domestically sourced ore, we should expect global prices to fall across the higher grades.
US tariffs on Chinese steel is currently at 25%. In the EU, strong import curbs are in place to ringfence European steelmaking companies. But China should realize production cost savings much higher than 25%, and take even more market share from global competitors.
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Video transcript and direct links
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Scientific Abstract (Chinese)
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Reuters, China iron ore imports head for record even as steel output slips
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South China Morning Post, China’s ‘explosive’ ironmaking breakthrough achieves 3,600-fold productivity boost
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Interesting Engineering, China develops new iron making method that boosts productivity by 3,600 times
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China’s Iron Ore Imports Market Share Reached 71.3% in 2022
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Visual Capitalist, Visualizing the World’s Largest Steel-Producing Countries
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Visual Capitalist, Visualizing 50 Years of Global Steel Production
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Why will China's iron ore imports remain 'high' in 2030 despite production cuts?
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China exported 90.3 million tons of steel products in 2023
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5 among top 10 steel exporting countries register drop in H1 volumes
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Global steel exports rise over 10% in CY'23. What lies ahead?
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FACT SHEET: President Biden Takes Action to Protect American Workers and Businesses from China’s Unfair Trade Practices
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EU prolongs steel safeguard measure until June 2026
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Cost of Electricity by Country 2024
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Closing scene, Wulan Lake, Tengger Desert, Inner Mongolia
