Consumption

Of the 15 selected non fuel mineral commodities detailed in table 12, only 3 indicated increases in worldwide consumption in 1992. As in 1991, decline in consumption levels of the selected commodities can be attributed to reduced levels of use in the former U.S.S.R. and Eastern Europe. Of the remaining 12 commodities, 2 magnesium and cadmium, stayed relatively the same, while the other 10, including iron and steel, all recorded decreases. Global consumption of iron ore is estimated to have fallen about 3.5 % or about 30 million tons. This is a greater decline than what was estimated for production of iron ore, which is down only 2.7% or nearly 26.5 million tons, suggesting an addition to stocks. The consumption trend for iron and steel has been declining since 1989. This has mainly been due to the continued drops in use in the former U.S.S.R. and Eastern Europe. Even as the European economy begins to turn upward, there may only be a slight increase in consumption of iron, steel, and cement, considering the high cost of construction needed to modernize factories and buildings in Eastern Europe. Many feel that the economies of these countries are limited by the current status of their industries.