The price of iron ore finished around $US50 a tonne last week after a long-awaited string of calm trading sessions.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US50.70 a tonne, up 0.2 per cent on its prior close and US70c for the week.
There’s no big data out of China or production numbers from the large iron ore houses this week. However, the steelmaking ingredient has been in for a wild ride of late thanks to uncertainty about the Chinese sharemarkets and economy, and the supply glut that pushed prices down to six-year lows in early July.
Gina Rinehart’s Hancock Prospecting, which is about to begin adding to that supply later this year, expects the price of iron ore to eventually rebound back above $US80 per tonne.
Executive director Tad Watroba made the comments, adding that the company now expects to begin production from the $US10 billion ($13.7bn) Roy Hill mine in early October, instead of September as previously planned.
Eventually, Hancock’s Roy Hill operation is tipped to deliver 55 million tonnes per year.
Source: Business Spectator
- metaljunction »
- Metal News
Metal News & Events
METALJUNCTION PUBLICATIONS
Coal Insights (English) Monthly
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
India Steel Market Watch (English) Monthly
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.