The state-owned metals and mineral trading firm also signed a 2,400 tonne nickel briquette purchase agreement with Japan's Sumitomo Corp.
Iron Ore Mining News
The October figure was also down 7 percent from the same month a year earlier, according to port figures.
As part of a new plan to overhaul energy intensive industries, Shandong province is planning to consolidate dozens of small refineries and build mega-petrochemical complexes.
Industry sources say automaker interest bodes well for the contracts, but new contracts usually take years to gain traction and a lack of interest from steelmakers could slow the process.
BHP suspended all its iron ore rail operations on Monday after a train ran away at high speed for nearly 100 kilometres before being forcibly derailed.
Emirates Steel requires inputs of around 6 million tonnes of iron ore pellets per year.
Nippon Steel plans to step up crude steel production in the October-March period, predicting an output of 21.6 million tonnes for the six months, above 20.58 million tonnes a year earlier.
While MMK said it sees stable demand for steel products in its markets, it warns that global steel prices could put pressure on results.
What will define Chinese demand for iron ore is continued urbanization, infrastructure investments, auto production.
BHP had promised to return all of the net proceeds from the $10.8 billion sale of its U.S. shale business to shareholders when the deal was announced in July.
Smaller mines and developers who previously found capital through retail investors in public markets are increasingly turning to specialist investors.
The world's biggest miner promised in July to return the $10.5 billion in sale proceeds to shareholders.
JFE cuts crude steel output plan due to glitches, heavy rains.
China is on track for an annual record and is supporting consumption of raw materials.
The world’s largest miner has cut its economic growth forecasts for the world's two biggest economies as the superpowers engage in a "lose-lose" trade spat.
To counteract the slowdown, China’s top economic planning body is proposing to halve the tax on car purchases to 5%
If a community or government wants a bigger share of the pie, they may need to be willing to take on more of the risk.
Rio and Chinalco have decided to explore other options to realize value from the project.
The calm before the storm, potentially.
The operation halt at two steel mills is expected to reduce pig iron output of 290,000 tonnes and steel products output of about 160,000 tonnes.
Capital expenditure among the 10 largest metals and mining companies is forecast to advance to about $35 billion this year, the first annual rise since 2013.
Brazil's Vale, the world's largest iron ore producer, is seeking out small high-return acquisitions that are related to the miner's current assets.
Global steel production stays strong in September with Chinese furnaces blasting at near record pace and US output surging 9%.
Jair Bolsonaro is on the cusp of winning Brazil’s presidency, leading the latest polls by double digits, and the mining community is salivating.
The company shipped 40.2 million tonnes in the September quarter, compared with 44 million tonnes a year ago