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In every case, however, the basic underlying reason for the increase in iron ore imports of which all these things are a part is that the "price-quality ratios" of the iron ores in demand at these particular times and places are more attractive than the "price-quality ratios" of the available domestic ores.

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Iron Ore (Fe) is mined in around 50 countries worldwide and used to make steel (buildings, cars, white goods etc.). Global economic growth is the primary factor that drives its supply and demand. When economies are growing, the need for steel in construction increases which drives the price up.

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