April 16 (Reuters) - Anglo-Australian miner Rio Tinto Ltd on Tuesday reported a 14 percent drop in quarterly iron ore shipments and cut its 2019 shipments estimate on disruption caused by a tropical cyclone that hit its export terminal in Western Australia last month. Rio, the world's No. 2 miner of the steelmaking material, cut its annual iron ore shipments estimate to a … [Read more...]
Iron Ore Drops Below $70 for First Time Since ’09 as Glut Widens
By Chanyaporn Chanjaroen Nov. 25 (Bloomberg) -- Iron ore traded below $70 for the first time in five years as rising low-cost supplies by the world’s top miners widen a global glut amid slowing demand from China, the biggest user. Ore with 62 percent content delivered to Qingdao fell 1.2 percent to $69.58 a dry metric ton today, the lowest since June 2009, data from Metal … [Read more...]
Record Iron-Ore Production from Rio Tinto’s Australian Mines
April 15 (Bloomberg) -- Rio Tinto Group, the world’s second-largest mining company, said first-quarter iron-ore production rose to a record after expanding mines in Australia. Output rose 8 percent to 52.3 million metric tons from 48.3 million tons a year earlier, London-based Rio said today in a statement. This missed the 54.7 million-ton median estimate of seven analysts … [Read more...]
Cyclone Stops Australia’s Iron Ore Exports as Rigs Shutdown
Dec. 30 (Bloomberg) -- Iron ore shipments from northern Australia, the world’s biggest exporter, and some offshore oil drilling were halted as a cyclone forecast to bring gusts topping 200 kilometers (124 miles) an hour nears the coast. Tropical Cyclone Christine, which intensified to a category 3 storm overnight, is expected to make landfall at around midnight local … [Read more...]
Iron Ore Gluts Seen Through 2017 on Record Supply
Aug. 13 (Bloomberg) -- The seaborne iron ore market is poised for at least four years of expanding gluts as producers from Rio Tinto Group to Vale SA increase supply to a record just as growth in China drops to the slowest pace in a generation. The surplus will reach 82 million metric tons in 2014, the most since at least 2008, and the glut will keep growing through 2017, … [Read more...]