By Kishori Krishnan Exclusive To Iron Investing News Rio Tinto has completed the sale of its Corumba iron ore mine in Brazil to mining giant Vale SA for a cash consideration of $750 million. The Corumba sale, which was agreed in January, includes a potash project in Argentina and exploration assets in Canada. The Corumba [...]
Indian iron ore was flat from last week on steady overseas demand, although exporters hope China’s inconclusive talks on benchmark prices will lift prices. For full story, click here
Chinese steel industry officials have agreed among themselves to accept a 33% iron ore price cut compared with last year’s benchmark. For full story, click here
By Kishori Krishnan Exclusive To Iron Investing News The heat is on. Australian miner Fortescue Metals Group (FMG.AX) said on Thursday that Chinese steel mills are unlikely to get a better deal for iron ore purchases than the 33 per cent reduction agreed by Japanese and South Korean rivals. Fortescue, Australia’s third-largest iron ore miner, [...]
China rejected on Wednesday a 33 percent cut in iron ore prices agreed a day ago by Japanese steelmakers, while No.4 international mill POSCO prepared to accept the deal, highlighting the growing schism that has emerged in a single benchmark system. For full story, click here
With the impending gradual shift form benchmark pricing based long term contracts to spot cargos, it has become more vital for both sellers as well as purchasers to precisely monitor the daily movements of iron ore spot prices to keep tab on trends and spot opportunities. For full story, click here
By Kishori Krishnan Exclusive To Iron Investing News Shares in WA’s mid-west iron ore miners and explorers lifted after the Federal Government committed $339 million towards the $4 billion Oakajee port. The government matched funding offered by the WA state government in its 2009/10 federal budget handed down on Tuesday, bringing the total government commitment [...]
A benchmark iron ore price this year below current spot prices is unacceptable, miner Rio Tinto declared that while rival BHP Billiton saw the traditional benchmark pricing system breaking down. For full story, click here
Reports reveal that there may be no Chinese benchmark iron ore price set this year because Chinese mills cannot be trusted to honour their contracts. For full story, click here
As per Mr Yang Siming, board chairman of Nanjing Iron and Steel Group, iron ore benchmark price in this year can be settled every quarter on the basis of steel market performance and forecasts. For full story, click here
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