Sinoship News reported on Tuesday that Chinese steelmaker Wuhan Iron & Steel (Wugang) plans to launch its second phase of its Bong iron ore project next year in Liberia, West Africa.
Iron Market News Directory
The largest iron ore mine that Australia's Northern Territory has seen in 20 years opened on Monday, Herald Sun News reported.
Australia's Fortescue Metals Group (ASX:FMG) has broken a new record by loading its biggest-ever shipment of iron ore through Port Hedland, Australian Mining reported.
The Edmonton Journal reports that drug cartels in Mexico are diversifying their sources of income by getting into illegal iron ore mining.
Reuters reported that Shanghai rebar futures fell to their lowest in almost three weeks on Monday. Iron ore futures also retreated, closing down 0.3 percent at 932 yuan a tonne.
The Australian Financial Review reports that a secret agreement between BHP Billiton (NYSE:BHP, ASX:BHP, LSE:BLT) and the Port Hedland Port Authority could play a key role in which companies are allocated port capacity in the future.
Steel Guru reports, via Reuters, that spot iron ore scaled a two month high as recent gains in Chinese steel prices encouraged producers to pick up cargoes of the raw material, setting it up to test the USD 140 per tonne level last seen in August.
Australian Mining reports that Port Hedland has posted another record month of iron exports to China — 25.2 million tonnes, beating highs earlier this year of 23 million tonnes.
Reuters reported on Tuesday that a consortium of Indian companies, led by Steel Authority of India, is trying to renegotiate the terms of an iron ore deal with Afghanistan worth up to $10.8 billion.
The head of China's largest iron ore customer told Australian Trade Minister Andrew Robb that the mining boom is not over and that demand for ore will remain strong, The Australian reported.