Prices for the steel-making ingredient are down by 9.8% over a month ago and most of the massive projects expected to come on stream this year are not producing at full steam yet.
Vale SA Mining News
The world's largest iron ore exporter will be able to haul S11D's output to the Port of Ponta da Madeira in Sao Luis.
Citi analysts believe the steel-making ingredient will average $51 a tonne in the final quarter of 2016 and fall to $45 next year.
Iron ore’s resilience in recent months has defied many analysts’ forecasts, as Beijing’s stimulus plans, restocking by Chinese steel mills and historically low port stockpiles have supported prices.
With this jump, the commodity's gains are close to 9% for the week and almost 40% so far this year.
It produced 86.82 million tonnes of iron ore in the April-to-June period, down 2.8% from a year earlier.
Recovering commodity prices and investors' veto on deals have frustrated Davis and his team in their search for mining and metals bargains.
Vale’s results for the first three months of 2016 makes it the best-performing major iron-ore miner so far this year.
The miner has scaled down the project and it now aim to produce 1.3 million tons of potash a year, down from the 4 million tons originally planned.
The iron ore and nickel giant has reduced its forecast for capital spending in 2016 to $5.5bn from $6.2bn previously.
Company denied reports claiming that partner Mitsui was revising the terms of their association.
It posted a fourth-quarter net loss of $8.57 billion, its fifth drop in the past six quarters.
The steelmaking raw material is back in a bull market.
President Mauricio Macri has revoked a 5% tax imposed by the previous administration on mining companies.
Two of the largest mining companies in the world are being held to account by the Brazilian government over a massive tailings dam rupture.
It hit $39.40 a tonne, the lowest price ever recorded by price assessor The Steel Index (TSI), which began compiling data in 2008.
The miner is likely to cut its iron ore output target for the year from 376 million tonnes to 355 mt, says independent investment bank BTG Pactual.
The last thing two of the world’s biggest mining companies, BHP Billiton and Vale , need today is speculation that after the disaster at their jointly owned Samarco iron ore mine in Brazil they might also have to close big nickel-mining operations to stem a tide of heavy losses.
The world’s largest producer of iron ore continues to flood the market with the addition of 88.2 million metric tons in the third quarter of the year.
Argentina’s presidential election, the first to be decided in a second and final round since the constitution was changed in the 1990s, will be key for the country’s economy, particularly its mining sector.
The world’s largest iron ore producer continued to flood the market despite a current oversupply that has sent prices for the commodity plummeting to historic lows.
The world's No.1 miner will continue boosting its iron ore output, adding to a global glut and keeping pressure on prices.
The Chamber of Mines wants the government to reconsider its decision to hike corporate income tax rate on mineral processing from 30% to 35%, which came in effect July 1.
The world's largest producer of iron ore could raise about $1.5 billion through the sale of a stake in one of its Brazil-based assets.
The move puts an end to a nearly nine-month standoff that has hit output and profits in Africa’s second largest copper producer.