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...]

SPOTD: Loading Ore in Nhulunbuy, Australia

On 16 July 2013, the 53,450 dwt bulk carrier Bridgegate was loaded with her cargo of bauxite at a port at the Rio Tinto alumina refinery in Gove, also known as Nhulunbuy, located 650 kilometers (404 miles) east of Darwin in Australia's Northern Territory. Reuters notes that Tony Abbott, the frontrunner to become Australia's next prime minister, holds ambitious plans to … [Read more...]