Reuters reported that BHP Billiton Ltd. (ASX:BHP,NYSE:BHP,LSE:BLT) has responded to allegations from China's National Development and Reform Commission that the top three iron ore miners — BHP, along with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Vale (NYSE:VALE) — and some traders manipulated the markets to show a shortage of iron.
A brief overview of iron price developments, supply and demand and significant market movers.
Bloomberg reported that after reaching 400 million metric tons of iron ore output in 2017, Vale SA (NYSE:VALE) plans to increase its iron ore output by 20 to 25 million metric tons per year. Vale's plan is aimed at taking back the 6 percent of market share that it has lost to other major companies — such as BHP Billiton Ltd. (ASX:BHP,NYSE:BHP,LSE:BLT) and Rio Tinto plc (ASX:RIO,NYSE:RIO,LSE:RIO) — over the past six years.
Reuters reported Roger Agnelli's mining venture is considering a purchase of BHP Billiton's (NYSE:BHP,ASX:BHP) Mount Nimba iron ore deposit in Guinea.
Reuters reported BHP Billiton (ASX:BHP,LSE:BLT) is going ahead with plans to boost iron ore output as low cost mining giants carve out a larger market share and undercut competitors.
CNBC reported BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO) are set to report this week solid iron output for the September quarter, but prices and cost will be the top concern for the miners.
Sydney Morning Herald reported BHP Biliton (NYSE:BHP) has confirmed it will cut job in its iron ore operation due to falling demand from China.
Bloomberg reported BHP Billiton Ltd. (NYSE:BHP,ASX:BHP) fourth-quarter iron ore production gained 15 percent.
Reuters reported BHP Billiton (NYSE:BHP,ASX:BHP) is likely to cut its spending in half on an estimated $10 billion iron ore port project.
IBTimes reported BHP Billiton (NYSE:BHP) is rethinking its position on expansion as the company weighs what to do with $80 billion.
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