the future will be determined by supply constraints, which are short-term constraints such as underdeveloped mining and local scarce capacity of iron and steel production, or long-term constraints such as natural resource degradation and global warming.

The Utility of Stock hypothesis, which assumes that the in-use stock of constructional material is a function of GDP, was formulated and the clear correlation between the world steel stock and the GDP led to the estimation that the world demand for iron ore (primary iron) depends not on the volume of GDP but on the variation of GDP, as already reported. In this study, the world steel stock in use is computed. Sensitivity analyses are conducted to show the effect of lower reliable data such as the usage period (lifetime) of iron-containing final products. Clear correlation is found between the in-use steel stock and the steel stock. Hence, the Utility of Stock hypothesis is verified.

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