Steel Industry News

Bloomberg said the $ 50 per ton of iron ore below the continuation of the decline

Beijing on the 3rd, Bloomberg said the $ 50 per ton of iron ore below the continuation of the decline, and to reach the lowest point in July. BHP Billiton predicted, with output growth, the decline in iron ore prices may continue a few years; Vale reiterated plans to increase the supply of low-cost.
BHP Billiton's iron ore marketing vice president in charge of AlanChirgwin accept the "Australian Financial Review" interview, he said the price will gradually decline, until a level far below the $ 50. BHP Billiton spokesman EmilyPerry confirmed its speech content.
"New wealth" magazine quoted Vale CEO MuriloFerreira reported that in 2019 the company plans to sell 300 million tons of iron ore in China, much higher than the 180 million tons next year.
Iron ore prices in October fell 12 percent, due to BHP Billiton, CVRD and Rio Tinto Group, the surge in low-cost production in China coupled with weak demand, causing market surplus. According to PMI, China's steel industry last month to shrink further.
According MetalBulletinLtd., Qingdao Port in the delivery of 62% grade iron ore prices fell 0.8 percent Tuesday to $ 49.11 per dry ton for July 9 to the lowest point.
Iron ore prices have dropped 31 percent this year, on July 8 had touched $ 44.59, since the beginning of 2009, the lowest point of the daily data. 2011 will hit a record high of $ 191.70.

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