“More than half of steel demand globally is used in construction of buildings and infrastructure,” Mark Eames, director of ASX-listed Magnetite Mines (ASX:MGT), said.

“Roads, bridges, tunnels and pipelines all require lots of steel – wherever you see a concrete structure, it is the steel inside that provides the tensile strength.

“And incremental steel demand will mainly come from blast furnace iron and steel as recycling levels of scrap steel collection doesn’t change quickly.”

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