The end of the Labour Day holiday in China saw fresh demand for iron ore and steel, with both commodities rising in tandem today.
Iron Ore Mining News
Up 10% in two weeks.
Net income totalled $2.5 billion, compared with profit of $525 million in the prior three months and almost $1.8 billion a year earlier.
The miner said decision was unrelated to Elliott Management's call earlier this month to unlock shareholder value by spinning off about $22 billion of BHP's US oil assets.
BMI Research expects prices to continue sliding for at least the next five years on rising supplies from Australia and Brazil and expectations for a surplus.
The giant equipment maker's quarterly profit surged past estimates helped by a recovery in most of its end markets.
Both iron ore and diamond output rose in the first quarter thanks to a continued ramping-up of the company's Minas Rio mine in Brazil and improvements in the gem market.
They're pressing the company not only to accept a proposal by activist investor Elliott Management to spin off its US petroleum business, but to fully demerge all of its oil and gas assets.
Production for the first three months of the year slumped 37% compared with the same period of 2016.
Production of the steelmaking raw material jumped 11% to 86.2 million tonnes in the January-March period, compared to the same quarter a year earlier.
Another 5% iron ore price drop Tuesday slashes $30 billion from top 5 producers' market value in one month.
Another gap down Monday brings one-month drop to 30%.
The latest chapter in the Simandou case.
They have found valuable minerals atop an underwater mountain, which is basically a huge flat-topped mound of some of the scarcest materials on Earth.
Worries about Chinese economy and rising tension surrounding North Korea brings fear trade to mining and industrial metals.
Activist investor Elliott's proposals to break up BHP are riddled with “major flaws” and could end up costing far more to implement than they would save, the company said.
The commodity is now trading below $70 a tonne and has just suffered its largest one-day percentage decline in over a year.
In addition to raising costs for miners and delaying certain projects, the focus on the amount of water used by the extraction industry in the region will boost social pressure and anti-mining sentiment, experts say.
Analysts expect BHP to argue that a demerged petroleum business would need to fund offshore growth projects by raising debt. It may also contend that a stand-alone division won’t have the same ability to defer production until oil prices improve.
After a 85% rise in 2016, iron ore prices are now down 3.2% so far this year, which has placed the commodity in a bear market.
Company says the associated risks of spinning off about $22 billion of its US oil assets and listing them in New York would significantly outweigh any potential benefits.
Alderon Iron Ore Corp. will purchase assets related to the Scully Mine for the purpose of disposing tailings produced from its flagship Kami project
Coking coal prices gained 86% to $283.10 a tonne this week, the biggest gain in four years.
Ore with 62% content in Qingdao fell almost 7% overnight, entering a bear market and erasing all of this year’s gains.
Precious metals expert Michael Ballanger explains why he believes base metals are overbought and precious metals, especially silver, are set to appreciate.