RIO is trying to do something - in June 2024 they agreed to...

RIO is trying to do something - in June 2024 they agreed to invest A$215 "to develop a research and development facility in Western Australia to further assess the effectiveness of its low-carbon ironmaking process, BioIronTM, to support decarbonising the global steel value chain".

"The BioIron facility will include a pilot plant that will be ten times bigger than its predecessor in Germany. It will also be the first time the innovative steelmaking process has been tested at a semi-industrial scale, capable of producing one tonne of direct reduced iron per hour [emphasis added]. It will provide the required data to assess further scaling of the technology to a larger demonstration plant"

"BioIron uses raw biomass and microwave energy instead of coal to convert Pilbara iron ore to metallic iron in the steelmaking process. When combined with the use of renewable energy and carbon-circulation by fast-growing biomass, BioIron has the potential to reduce carbon emissions by up to 95% compared with the current blast furnace method"

That's $215M to produce a facility that might be able to produce one tonne per hour, or 8,760 tonnes per year if it could run 24/7. It's only net zero because the bio mass absorbed the carbon it releases when it was growing. And if successful, I question where would they get enough biomass to produce any meaningful amount of steel using this process. I applaud the effort, because if it is successful it will reduce carbon compared to coal, but I cannot see it being used to replace the majority of coal made steel. But it could be one of many solutions and be a process that RIO can use to make green iron with some their Pilbara iron ore mix so it does not become obsolete.

"Rio Tinto Iron Ore Chief Executive Simon Trott said, “The world needs low-carbon steel to reach net zero, and we are working to make this a reality by finding better ways to turn our Pilbara ores into steel." Meaning that they know that RIO's Pilbara ores will become obsolete if they cannot find a way to make green steel with it.

Above quotes from RIO announcement of 24 June 2024.

So the big boys know that the only current commercially proven method to make green steel at scale is with high grade iron ore, but high grade iron ore currently only represents a fraction of current global demand for iron ore. Below quotes from google AI overview:

"The amount of Direct Reduction (DR) feed grade iron ore traded globally is significant, with projections indicating a substantial increase in demand in the coming years. While precise figures can vary depending on the source and time period, it's estimated that around 182 million tonnes of iron ore pellets will be traded globally by 2027, with almost all of this demand coming from the DRI (Direct Reduced Iron) sector. This is a significant increase from the 109 million tonnes traded in 2022. The demand for DR-grade pellets is expected to grow further as the steel industry moves towards more environmentally sustainable practices like the use of DRI."

Therefore, there will be real commercial demand and possible price premiums for high grade magnetite if EAF demand exceeds supply.