The discovery of 55 billion tons of iron ore deposits in Australia may reshape the global iron ore supply pattern

Gold Ten Futures, March 19, recently, the world's largest iron ore deposit was newly discovered in the Hamersley area of Western Australia, with reserves as high as 55 billion tons. According to current market prices, the valuation is about 5.70 trillion US dollars. This discovery may have an impact on the global iron ore supply pattern and bring new variables to the procurement strategies and cost control of major steel producing countries.