Iron ore is a crucial raw material in the production of steel, making it a vital commodity for the global manufacturing and construction industries. Mined from various deposits worldwide, iron ore typically exists in the form of hematite, magnetite, or taconite. It undergoes a refining process to extract the iron content and reduce impurities, resulting in iron ore concentrate. Iron ore is classified based on its iron content, with higher-quality ores containing greater iron percentages. The pricing of iron ore often revolves around benchmark indices like the Platts Iron Ore Index (IODEX) and the Metal Bulletin Iron Ore Index (MBIOI). These indices track the prices of different grades of iron ore, primarily focusing on 62% Fe content. Global demand for iron ore is heavily influenced by steel production in countries like China, which is a major consumer of this commodity. Factors such as infrastructure development, construction projects, and economic growth significantly impact iron ore prices.