Two Japanese steel companies have asked BHP Billiton to delay the delivery of its iron ore and coking coal, due to output cuts at the steel mills.
The world's iron ore market is heading towards a state of weakness rather than simply continued volatility, Citi Investment Research managing director of global commodity analysis Alan Heap said.
BHP Billiton has slashed output at one of its pellet operations in Brazil due to weakened market conditions, which may soon effect the company's Australian operations, a BHP Billiton spokesperson has told MINING DAILY.
BHP Billiton has received deferral requests for shipments of iron ore from some of its clients, spokesperson Peter Ogden has told MINING DAILY.
The Chinese government's move to stimulate the domestic economy has been welcomed by Western Australia's largest miners and investors, Hartleys resource analyst Andrew Muir told MINING DAILY.
Rio Tinto will cut iron ore production at its Pilbara operations by about 10% due to reduced demand from customers.
Rio Tinto has announced it will spend $131 million to improve housing and infrastructure in the town of Pannawonica in Western Australia to support a new mine.
IN a global market where metal stocks are shining brightly not-so-sexy iron ore has come of age – a golden age, and the euphoria is set to continue.
THE outlook for the Iron Ore Mining Industry will be heavily influenced by trends in steel demand and production, price negotiations with Japanese steel producers and the value of the Australian dollar, according to IBISWorld
THE outlook for the Iron Ore Mining Industry will be heavily influenced by trends in steel demand and production, price negotiations with Japanese steel producers and the value of the Australian dollar, according to IBISWorld.