Iron Ore Price, page-14403

Do you understand that even a flat rate of steel production still consumes 100's of millions of tonnes of Iron ore?

You can not grow the global economy with scrap steel, you can't even maintain a flat economy with scrap, if you tried to produce cars by only using the steel from scrapped cars, you could not grow the number of cars, you would actually have to make less and less cars each year because you loss some of the steel content each time you melt it down as slag.

Also, many items that are made of steel lose a significant part of their steel content to the environment over their life, think about last time you saw an old wooden fence held together by nails that have nearly rusted away, when that fence is replaced, can you melt down those rusted nails and make the same number of new nails? no.

It's also true for farming equipment, an old plough weighs less than a new one because of the wear.

We are constantly using steel items that need to be replaced, and even if recycling systems were perfect an every item was collected and returned to the mills, a lot of the steel content is already lost to the environment and a certain percentage is lost during the making of the new steel (slag)