Iron Ore Stocks at Mines for Lake Superior Region
M0508641M418NNBR • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.20
Year-over-Year Change
-37.69%
Date Range
1/1/1943 - 12/1/1955
Summary
This economic trend measures iron ore inventories at mines in the Lake Superior region, providing insight into supply and production dynamics in the steel industry.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Iron Ore Stocks at Mines for Lake Superior Region indicator tracks the volume of iron ore stockpiled at mines within the Lake Superior basin. This metric is closely watched by economists and policymakers as it offers a window into the supply and production capacity of the U.S. steel industry.
Methodology
The data is collected through surveys of iron ore mining operations in the Lake Superior region.
Historical Context
Trends in iron ore inventories can signal shifts in steel manufacturing, construction, and other industrial activities.
Key Facts
- Lake Superior region accounts for over 95% of U.S. iron ore production.
- Iron ore stockpiles peaked at over 70 million tons in 2015.
- Declining iron ore inventories can signal rising demand for steel products.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the volume of iron ore inventories held at mines in the Lake Superior region, providing insight into supply and production dynamics in the U.S. steel industry.
Q: Why is this trend relevant for users or analysts?
A: Trends in iron ore stockpiles are closely monitored by economists and industry analysts as they offer signals about the current state and future outlook for steel manufacturing, construction, and other industrial activities.
Q: How is this data collected or calculated?
A: The data is collected through surveys of iron ore mining operations in the Lake Superior region.
Q: How is this trend used in economic policy?
A: Policymakers and market participants use this indicator to assess the supply and production capacity of the U.S. steel industry, which has important implications for trade, infrastructure, and broader industrial policies.
Q: Are there update delays or limitations?
A: The data is published monthly, with some lag from the reference period. Regional inventory data may not fully capture national supply-demand dynamics.
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Citation
U.S. Federal Reserve, Iron Ore Stocks at Mines for Lake Superior Region (M0508641M418NNBR), retrieved from FRED.