In just over 12 months, iron ore prices have increased by over 260% from $83.50 USD/tonne in May 2020 to $219 USD/tonne in June 2021. The price increases are a result of several factors, primarily instigated by the flow-on effects of COVID-19, creating a perfect storm of high demand and low supply.

The steel industry is one of the largest producers of carbon in the world. Every tonne of steel produced emits approximately 1.83 tonnes of carbon dioxide, equating to around 7-8% of global emissions.

With advances in materials technology, many other materials are being adopted for use in reinforced concrete in lieu of steel rebar.