A new $664 million iron ore mine is coming up in Quebec-Labrador late this year and will swiftly hit the target annual output of eight million tonnes destined for Chinese and other Asian steel mills on long-term contract. 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
Pingxiang Iron & Steel, a privately owned Chinese steel maker, reported that it was buying iron ore at discounts of as much as 46 per cent because of an oversupply due to dwindling demand. For full story, click here
Iron ore exports surged 17% to 12.6 million tonnes in February 2009 from 10.8 million tonnes in the same month a year ago, backed by a moderate revival in demand from Chinese steel producers. Consulting firm Ernst & Young partner Naveen Vohra, stated: The October-November period was bad for domestic iron ore companies as they [...]
By Kishori Krishnan Exclusive To Iron Investing News The alarm bells have started ringing. On the sidelines of a mining conference, Rio Tinto said iron ore prices are certain to fall in 2009, the first decline in seven years, but not by the 50 per cent suggested by some steel makers. On the spot market, [...]
India’s iron ore prices were steady this week, with moderate Chinese demand gravitating towards cheaper, low grade ores. For full story, click here
The dip in Indian iron ore prices has been steady in the last 6 weeks due to lack of demand from the Chinese steel manufacturers. For full story, click here
By Kishori Krishnan Exclusive to Iron Investing News The talks haven’t borne fruit, as yet. Even as news comes filtering in that China has landed a 40 per cent price cut with the Top Three ore miners, final iron ore talks for fiscal 2009/2010 have yet to see the light of day. Shan Shanghua, secretary-general [...]
Australia’s Atlas Iron reported that it has entered into a new long-term off-take agreement with a Chinese steel mill. For full story, click here
Rupee depreciation has offset the impact of 5% export duty on Indian iron ore as Chinese steel companies are trying to slowly roll back production cuts. India’s iron ore exports jumped 21.53% to 13.9 million tonnes in January 2009 against 11.5 million tonnes in January 2008. Independent steel and natural resources consultant AS Firoz said: [...]
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