So Cheap Yet So Valuable (2024)

So Cheap Yet So Valuable (1)

Alchemists in the Middle Ages were fixated on turning lead into gold.

Both are soft, heavy metals. If they could make the dull one into the shiny one, they’d be rich. Right?

Maybe not.

Thousands of years before them, another metal, iron, was eight times more valuable than gold. It could only be found in its pure metal form in iron meteorites. Assyrians and Egyptians made prized iron jewelry, which we find in ancient tombs.

Then some alchemist of their time figured out how to smelt iron from common iron ore, like hematite and magnetite.

When supply boomed, the price plummeted. Iron eventually became the least expensive metal on Earth.

That’s because iron, as found in ores, is our most plentiful element by mass.

Iron makes up most of Earth’s core, which produces Earth’s magnetic field, protecting us from cosmic rays and solar wind.

Iron is the main ingredient in steel, an alloy of iron and carbon. We make a billion tons a year, and use it in everything, especially large buildings—which might be impossible without steel.

Iron is also abundant in the human body; it carries oxygen in the blood and gives blood its signature color…along with many other red things on Earth, from rocks and soil to farmers’ barns, painted with iron oxide pigments.

Iron is common and cheap and incredibly useful, so in some ways, that still makes it a lot more valuable than gold.

Background

Synopsis: Iron (from the Anglo-Saxon iren and Scandinavian iarn) is the most abundant element, by mass, on Earth. It makes Earth’s magnetic field work, enables us to build large structures, and is the reason that farmers’ barns are red.

  • Iron, a transition metal with 26 protons, is the tenth most abundant element in the universe. Its chemical symbol is Fe, from the Latin word for the metal, ferrum.
  • When you consider the entire planet from core to mantle, iron makes up 34.6 percent of Earth’s mass.
    • Earth’s core is 88.8 percent iron, its mantle is 5.8 percent iron, and its crust is 5.6 percent iron.
    • Earth’s solid inner core and liquid outer core are composed of iron and nickel. Together, they produce Earth’s magnetic field, which protects the planet from cosmic rays and solar wind, as well as protecting our satellites and electronics.
  • Iron and steel are the least expensive metals on Earth and make up 95 percent of the tonnage of all metals produced globally—that’s more than 1.3 billion tons per year!
    • Iron does not occur on Earth’s surface as a metal; it must be extracted from iron ores like hematite and magnetite.
      • In early history, pure iron was only found on Earth in iron meteorites with up to 90 percent concentration of the metal.
      • Beads of meteorite iron dated to 5000 BC have been found in Egyptian tombs.
      • Assyrian records show that iron was eight times as valuable as gold before people learned, around 3000 BC, to smelt iron ore to produce metallic iron.
      • The Iron Age started about 1300–1200 BC, when iron became more inexpensive than bronze.
    • Steel—a mixture, or alloy, produced by the addition of carbon and oxygen to metallic iron—is harder, more flexible, and less brittle than iron.
      • Precursors of steel were probably made accidentally by mixing molten iron and charcoal in a smelting fire, producing a stronger alloy.
      • The cast iron alloy had more strength than iron but was very brittle; the wrought iron alloy contained less carbon and was malleable but not as strong as cast iron.
      • In 1856, Henry Bessemer created the extremely strong, flexible, and durable steel, which has carbon content between that of cast iron and wrought iron. Additional elements may be added to steel to vary its properties.
      • The Bessemer process enabled inexpensive mass production of steel and jump-started the industry we know today.
      • Steel is essential to our everyday lives. It is everywhere: in our tools, appliances, cars, railroads, planes, roads, bridges, homes, and office buildings.
      • Without steel skeletons, large structures like stadiums, bridges, airports, and skyscrapers could not exist.

    So Cheap Yet So Valuable (2)

  • Iron is also the reason why barns are traditionally red.
    • Centuries ago, European and Scandinavian farmers protected their barns by sealing the wood with linseed oil derived from their crops of flax. They added local red ochres, plentiful in most clay soils around the world.
      • Abundant iron-rich red clays were easily accessible for homemade pigments.
      • The iron oxides poisoned fungi and mosses known to trap moisture and increase wood decay.
      • The darker burnt-orange red color retained more heat in winter.
      • The deep reddish colors were similar to brick used in wealthy areas and became fashionable for barns, especially if paired with white farmhouses.
      • When European settlers came to America, they brought the custom along.
      • Colonial farmers had to make their own paint from local sources. A popular long-lasting recipe called for skimmed milk, lime, and red iron oxide.
      • Early commercial paints produced with chemical pigments were priced based on pigment cost. Plentiful iron oxides made reddish paints less expensive than most other colors, ideal for large structures like barns.
So Cheap Yet So Valuable (2024)

FAQs

What is the least valuable metal in the world? ›

Iron and steel are the least expensive metals on Earth and make up 95 percent of the tonnage of all metals produced globally—that's more than 1.3 billion tons per year! Iron does not occur on Earth's surface as a metal; it must be extracted from iron ores like hematite and magnetite.

Why is iron so valuable? ›

Iron is a better metal than bronze for making tools and weapons because it is harder and tougher. Even more important, iron ore is much more widely distributed and readily available in surface deposits around the world than the ores of copper and tin, which are both needed to make bronze.

Why is iron so costly? ›

High Import Costs: India does not have a significant iron ore reserve of its own, so it has to import a large amount of iron ore from other countries, which increases the cost of production.

Is steel cheap to make? ›

Steel is an alloy of iron and carbon with improved strength and fracture resistance compared to other forms of iron. Because of its high tensile strength and low cost, steel is one of the most commonly manufactured materials in the world.

What is the most worthless mineral? ›

Thulium is among the most obscure elements in the periodic table. It has very few applications. Some people consider it the most useless of all naturally occurring elements, though others will rush to its defense.

What metal never loses its value? ›

Gold is the metal that we'll likely fall back on when other forms of currency don't work. This means that gold will always have value in tough, as well as good, economic times.

Why is bronze no longer used? ›

Bronze was superior to the iron produced commonly, so why did iron ultimately replace bronze? Bronze weapons were indeed of higher quality than the common iron weapons typically produced. However, tin, which is required for the production of bronze, is not abundantly available.

Why is gold worth more than iron? ›

The unique colour and shine, combined with the fact it doesn't tarnish, gave gold a unique edge over other metals and the rarity installed confidence because people could have faith it would hold its value as the difficulty in mining gold meant no-one could try to devalue the metal as a currency.

Is bronze worth more than iron? ›

Iron, when heated, can be shaped into various desirable shapes, which makes it convenient for people to use it for different purposes. In addition, iron is cheaper than bronze and can be used regularly.

How much does 1 ton of iron cost? ›

What is the range of iron scrap prices? Today, iron prices sit in a range trending around $. 04 per pound or $92 per ton.

Why is iron not used anymore? ›

Because mild steel is cheaper and easier to mass produce, the raw material wrought iron gradually disappeared, until the last ironworks ceased production in the 1970's. Wrought iron is no longer produced on a commercial scale, but is still made for replication, restoration and conservation of historical ironwork.

Which is stronger, steel or iron? ›

Steel is stronger than iron in the domains of yield and tensile strength, but it's also significantly tougher. For applications across various industries, steel is obviously a superior material; it doesn't crack, warp, twist, rot, or split.

Who makes the best quality steel in the world? ›

Top 10 steel companies in the world
RankingName of the companyHeadquarters' location
1China Baowu GroupChina
2ArcelorMittalLuxembourg
3Ansteel GroupChina
4Nippon Steel CorporationJapan
6 more rows
Jun 19, 2024

Is titanium stronger than steel? ›

Is titanium stronger than steel? Titanium is significantly stronger than stainless steel, making it excellent for high-stress applications such as airplane building. Stainless steel, on the other hand, is more corrosion-resistant than titanium and is therefore commonly used in food processing and medical equipment.

What's stronger, aluminum or steel? ›

Generally speaking, steel is stronger than aluminum. That said, once the lighter weight of aluminum is factored into the equation, aluminum comes out on top with a superior strength-to-weight ratio. Identifying which metal has the better strength for your application will depend on your design's flexibility.

What is the rarest metal on earth? ›

Here we'll discuss a few actual rare metals, present in the earth in miniscule amounts but which have important applications nonetheless. The rarest stable metal is tantalum. The rarest metal on earth is actually francium, but because this unstable element has a half life of a mere 22 minutes, it has no practical use.

What is the lowest cost metal? ›

Iron is the most commonly used and cheapest metal. There are three types: pig iron, cast iron and wrought iron. Pig iron: a crude form of iron, used as a raw material for the production of various other ferrous metals, such as cast iron and steel.

Which metal is very cheap? ›

The cheapest metal on Earth is iron, because it is the most abundant element on Earth in terms of mass. Iron ore is currently priced at around $70-80 per metric ton. Some other cheap metals are carbon steel, aluminum, zinc, lead, and manganese.

What is the most scarce precious metal? ›

Rhodium, iridium and ruthenium are perhaps the rarest, roughly 1/5 as common as platinum. However, the sale price of rhodium is typically a bit less than that of platinum, and the rest are even less expensive because they are simply less useful.

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