RE:RE:RE:RE:RE:$43 bbl WCSTCW up again strongly today on this important off-topic speculation about steel.
The only way Russia produces 70%+ of the world's iron ingots is if they are the world's largest iron ore producer (which they are not) or if they are the world's largest iron ore importer (which they are not). Nor do they export the most steel. The only stat that is remotely close to what you are claiming is that CHINA is considered the world's largest importer of iron ore becuase they consume ~70% of the world's iron ore being traded... based on a 2021 stat I found. And even though China and Russia are such good friends, China gets most of its iron ore from Australia and Brazil.
Also - it makes no sense that "all steel used in Canada id RU steel". Canada exports roughly 2x the amount of iron ore that Russia does. Do you honestly think it would make any sense to export 100% of our own iron ore, then ship back in Russian iron ore for domestic usage?!?