MINING.COM Staff Writer

Marketwatch reports Australia's government commodities forecaster Tuesday trimmed its projections for iron ore and coking coal exports over the coming financial year, and forecast prices for both raw steelmaking ingredients will continue to ease from highs as global supplies increase.

Iron ore prices will remain firm in the medium term, as tight supply struggles to keep up with Chinese steel output, said Macquarie Commodities Research senior analyst Colin Hamilton at Platts Steel Methodology Forum in New York. The global iron-ore supply chain is struggling to keep up with that demand, and flat iron imports to China reflect the strain in existing infrastructure.

IBN Live News reports at least six industrial units manufacturing sponge and pig iron in Goa have been hit after neighbouring Karnataka imposed ban on transport of iron ore, a key raw material for making sponge iron that the Goan companies source from Uttar Kannada.

Russian mining and metals giant Mechel listed in New York where it has a market capitalization just shy of $11bn, reported on Tuesday winning the auction for the subsoil license for Pionerskoye iron ore deposit, sending its ADRs up 3.5% in midday trade. Pionerskoye's estimated reserves as of January 1, 2010 were 137m tonnes of iron ore with high iron content, which will enable the company to produce iron ore concentrate at the early stages of development without the need to use complex beneficiation technologies.

Diversified giant Rio Tinto has entered into a framework agreement with ASX-listed project house NRW Holdings to expand its Pilbara iron-ore infrastructure […]