There are several methods by which a limited supply of hot metal could be stretched by increasing scrap utilization. Process optimization of current oxygen steelmaking technologies will result in small improvements in yield by reducing both the iron content and total volume of slag produced.
Concentration includes all the processes that will increase (upgrade) the iron content of an ore by removing impurities. Beneficiation, a slightly broader term, includes these processes as well as those that make an ore more usable by improving its physical properties (e.g. pelletising and sintering).
This statistic shows the average monthly commodity price of iron ore from May 2017 to May 2018. In May 2018, iron ore was valued at approximately 66.1 U.S. dollars per dry metric ton unit (dmtu), as compared to around 62.43 U.S. dollars per dmtu in May 2017.