Reuters reported that Citigroup Inc. (NYSE:C) believes increased supply is set to keep iron ore prices low. However, the firm admitted that yesterday's price drop — iron ore's biggest one-day fall in four years — was a surprise.
Iron Market News Directory
Mineweb reported that Standard & Poor's Financial Services LLC has lowered its rating for drilling company Boart Longyear Ltd. (ASX:BLY) in part due to its view that gold, copper and iron prices will not improve this year or in 2015.
Mineweb reported that on Monday, the Mexican government began a "major crackdown" on the Knights Templar drug cartel's illegal iron ore smuggling activity. Mining is reportedly one of the group's main sources of income.
Reuters reported that iron ore exports to China from Australia's Port Hedland rose to 21.34 million tonnes in February, up 36 percent from the year-ago period. In the previous month, they came to a total of 23.31 million tonnes.
Mining Weekly reported that falling steel prices in China have brought iron ore prices down to their lowest level since July. Overall, spot iron ore has sunk almost 11 percent in 2014.
Bloomberg reported that iron ore inventories at Chinese ports rose to 100.25 million metric tons (MT) last week. That's the first time since July 2012 that they have exceeded 100 million MT.
The Times of India reported that today, the Indian government plans to e-auction 5 million tonnes of iron ore. Eleven mining companies have said they will participate in the sale.
Reuters reported that spot iron ore fell almost 9 percent in January and has now retreated to its lowest level since July. The declines came on the back of low steel prices in China.
Reuters reported that spot iron is sitting near its lowest level since July as a result of weaker steel prices in China and low trading activity as the Lunar New Year approaches.
Reuters reported that China's National Development and Reform Commission (NDRC) believes that if the country invests more in overseas iron-mining projects, it will be able to "improve the balance between iron ore and steel prices."