richmond8479 richmond8479
  • 01-03-2018
  • Business
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Suppose iron ore is an input in producing steel. how will a decrease in the price of iron ore affect the market for​ steel

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CASFate
CASFate CASFate
  • 01-03-2018
direct relation. If iron is used to make steel, and iron is cheaper now, steel will also be cheaper. Decrease in price can mean they have a bunch of it, a surplus.
Supply and demand says if you got a lot of something prices go down. So if you have a lot of cheap iron, you can make a lot of cheap steel
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