Category: Iron Ore

Rio Tinto, a diversified mining group, has announced a 5% year-on-year decline in first-quarter iron-ore shipments, totaling 78 million tonnes. Weather disruptions at ports and reduced production from certain Western Australian mines contributed to this decrease. Despite the dip, Rio Tinto maintains its full-year expectations for Pilbara iron-ore shipments in 2024, ranging from 323 million to 338 million tonnes, with a unit cash cost of $21.75/t to $23.50/t. Pilbara iron-ore production also saw a modest 2% year-on-year decline to 77.9 million tonnes. Factors contributing to the production decrease include resource… Read More Here

Backed by a $20 billion investment, development of the Simandou iron ore mining project will commence this year following anticipated investment approvals from Beijing for the state-owned Chinese partner, Chinalco. Situated in the Simandou mountains in south-eastern Guinea-Conakry, the project represents the largest mining development in the world. The iron ore, rail, and port development project will be developed as a joint venture between global mining group, Rio Tinto, the Guinean government, and multiple Chinese companies. First ore from the project is expected for shipment by 2025, with full production… Read More Here

The price of iron ore fell Wednesday 24th May, languishing below $100 a ton, as steel prices crashed in China. A weaker yuan added to the gloomy mood as Shanghai rebar futures hit their lowest level in more than six months. Benchmark fines of 62% Fe imported into North China fell 3.22% to $97.83 a ton, the lowest since November. The most traded iron ore in September on China’s Dalian Commodity Exchange ended the day down 4.6% at 682.50 yuan ($98.74) a ton, hitting its lowest since May 5 at… Read More Here

China is about to upend the $160 billion iron ore trade with the biggest change in years as Beijing expands efforts to increase control over the natural resources needed to feed its economy. A new state-owned company called China Mineral Resources Group is poised to become the world’s biggest iron ore buyer as soon as next year, when it will begin consolidating purchases on behalf of about 20 of the largest Chinese steelmakers including leader China Baowu Steel Group Corp., according to people familiar with the situation. CMRG has already… Read More Here

The iron ore price tumbled below $100 a tonne on Friday on heightened fears over waning demand for steel, as China’s economy faltered in the second quarter and a crisis in its property sector appeared to be worsening. China’s economy contracted by 2.6% in the second quarter from the previous quarter due to covid-19 lockdowns. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $96.04 a tonne, down 4.24% and the lowest since November 2021. The most-traded September iron ore contract on China’s… Read More Here