Reuters reported that BHP Billiton said the prices of iron ore will decline over the next few years as major iron ore companies have plans to boost production by 2015 and demand from China weakens.
Mining Weekly reported that Australia’s Port Hedland shipped 22% more iron ore to China in March compared to the previous month, a strong indicator of positive Chinese industrial activity.
Bloomberg reported that iron ore is set for its first surplus in at least 10 years as production increases despite slower demand from Chinese steel mills.
Reuters reported that Port Hedland, which handles a fifth of the world’s seaborne-traded iron ore, braces for Cyclone Rusty. Evacuations have started, temporarily stopping the loading of millions of tons of iron ore.
Reuters reported that in the December quarter, Fortescue, the world’s fourth biggest iron ore miner, increased shipments by 32% as compared to the previous year and almost all were headed for Chinese steel mills.
SMH reported Fortescue (ASX:FMG) is targeted by short sellers on speculation iron ore stocks are a poor buy with China demand falling.
SMH reported prices for iron ore are continuing to slide, with Fortescue Metals Group (ASX:FMG) warning of weaker prices in coming months.
The Australian reports that although Fortescue (ASX:FMG) hit its production target for 2011, it has been dogged by high costs.
By Kishori Krishnan Exclusive To Iron Investing News Iron ore negotiations are a real conundrum, as next year’s talks are soon to begin, yet this year’s have not been resolved. In the meantime, the trio – Rio Tinto, Brazil’s Vale and BHP have been taking advantage of spot prices in iron, which have been on [...]
Australia’s Fortescue Metals Group has cut its full-year sales forecast by 15 percent to 26 million tonnes on Wednesday, following heavy rains in the March quarter, the second iron ore miner to signal lower output this week. For full story, click here
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