Rio Tinto and BHP Billiton are amassing vast copper holdings in a push to capture a greater chunk of the $140 billion world market, apparently aiming to squeeze out high-cost producers just as they did in the global iron ore business.
The price of spot iron ore has sunk to $75.50 per tonne this week, its lowest level since 2009. The scale of the price collapse has been breath-taking.
Iron ore has dropped by over 35 per cent since the start of the year, a signif
Brazilian tycoon Eike Batista will transfer 17.1 million shares, or 10.5 percent, of his iron ore mining company MMX Mineração e Metalicos SA to Abu Dhabi government investment fund Mubadala Development Corp, MMX said in a statemen
Saudi Iron and Steel Co (Hadeed), the metals affiliate of Saudi Basic Industries Corp (Sabic), plans to add 4 million tonnes of annual steel output capacity to reach 10 million tonnes by 2025, an executive said.
Iran is raising its exports of iron ore and iron products to China and India in an attempt to replace at least a small part of the massive revenue that has been lost due to sanctions on its oil sales.
China plans to scrap its decade-old iron ore import licensing system this year, an industry source said on Thursday, a move that may further lift imports in a market that takes two-thirds of the world's international iron ore trade.
Emirates Steel Industries, a subsidiary of Abu Dhabi Basic Industries Corporation (Adbic), said it has signed a sales contract with Sweden’s LKAB to source quality iron ore pellets beginning 2013.
LKAB is an international high-tec
China is likely to reduce the amount of iron ore it buys from Iran from March due to concerns that sanctions may disrupt exports worth over $2 billion a year to the world's largest consumer of the raw material, traders said on Wednesday.
The volume of iron ore derivative contracts cleared using The Steel Index (TSI’s) iron ore price index hit a new record of over 6.6 million tonnes in August registering an increase of over 50 per cent on the previous monthly record set in July.
Steel producers in the Gulf region, wary of a surge in iron ore prices, have urged mills to cut production until prices level off, industry executives said on Wednesday.
"People in the region are reluctant to purchase st