The latest report titled “Steel Production Cost” by Procurement Resource, a global procurement research and consulting firm, provides an in-depth cost analysis of the production process of Steel.

Procurement Resource study is based on the latest prices and other economic data available. It also offers additional analysis of the report with detailed breakdown of all cost components (capital investment details, production cost details, economics for another plant location, dynamic cost model). In addition, the report incorporates the production process with detailed process and material flow, capital investment, operating costs along with financial expenses and depreciation charges.

Procurement Resource’s detailed report describes the stepwise consumption of material and utilities along with a detailed process flow diagram. Furthermore, the study assesses the latest developments within the industry that might influence Steel production cost, looking into capacity expansions, plant turnarounds, mergers, acquisitions, and investments.

 

Procurement Resource Assessment of Steel Production Process:

1. Steel Production From Electric Arc Furnace: This report provides the thorough economics of steel industrial production across steel manufacturing plants from electric arc furnaces. During this method, scrap steel gets included in an electric arc furnace from the top. The EAF’s lid is then closed after it is filled. The lid comprises electrodes charged with strong electric current, which release heat, thereby melting the scrap. Next, other additives like ferro-alloys get added to the mix to create a desired composition. In this furnace, oxygen is added as well in order to purify the steel. At last, the molten slag, made as a by-product of the addition of lime and fluorspar with the impurities, floats over the molten steel, which is later poured by tilting the furnace.

2. Steel Production From Blast Furnace: This report presents the extensive cost requirement of steel industrial production across steel manufacturing plants from the blast furnace. During this process, limestone, coke, and iron ore are fed to a blast furnace and slowly sink to the bottom. The components turn hotter when they hit the bottom of the furnace. Next, the gas from the burning coke derives oxygen from the iron ore in the top half. Whilst in the bottom half, limestone, along with iron ore impurities and the coke, reacted, forming a slag. Later, the temperature goes over 3000 Fahrenheit at the bottom of the blast furnace. The molten slag floats over the molten steel, which is later drained via a slag notch of the furnace. The molten steel is finally released from the furnace hearth via a tap hole.

Product Definition:

Steel is an alloy of iron and carbon (with a carbon content of about 2 percent). Owing to the high carbon content, it is classified as cast iron. The metal is very dense with several properties such as hardness, toughness, durability, yield strength, tensile strength, plasticity, fatigue strength, elongation, and malleability. It is relatively less expensive to make, form or process and is made via two main methods, i.e., the blast furnace-basic oxygen furnace (BF-BOF) route and the electric arc furnace (EAF) route. The four main types of steel are Stainless Steel, Tool Steel, Carbon Steel and Alloy steel.

Market Drivers:

The market for steel is extensively driven due to its application in building a wide range of products ranging from as tiny as a needle to massive oil tanks. It is heavily used in the engineering and construction of several commodities whether it be automobiles to white goods like washing machines and refrigerators. Steel is also very recyclable that makes it ideal for many end-uses and is gaining traction owing to its sustainability which boosts the market demand further. In the automotive sector, it is extensively employed to make vehicle’s engine, body, exterior and interior etc., furthering the market expansion. Also, in the packaging applications it is used due to its properties like providing protection against air, water and light thereby bolstering the industry development.

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