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And China, buys almost 70 per cent of the global sea-borne iron ore and produces 50 per cent of the world’s steel.
An expected slowdown in China’s uptake and a world that is increasingly moving toward “green” iron ore and steel will be two crucial drivers affecting the future of iron production.
Source: https://agmetalminer.com/2023/12/13/future-of-australian-iron-ore-prices/
As a result, I believe that the fundamentals of the iron ore coal and bauxite markets should support a healthy Cape vessel demand over the next few years.
As iron ore prices remain sensitive to growth outlook of China, which accounts for 88% of Fortescue’s total sales, investors will keep looking for comments on how the company will benefit from the China reopening story.
But when you look at the scale of the green energy transition, it’s not unreasonable to think that ultimately renewable energy will probably outscale our iron ore business significantly,” she told the Reuters Global Markets Forum.
China is Australia’s largest trading partner, with two-way trade in goods worth A$287 billion ($195 billion) in 2022, dominated by iron ore exports which China cannot easily replace.
Coal recorded a 11.4% decrease, iron ore fell 7.4% and other non-metallic minerals retreated 29.8%.
Source: https://mg.co.za/business/2023-04-13-mining-output-decreased-by-5-in-february/
Construction accounts for as much as 40% of China’s steel demand, and iron ore, the main input for blast furnaces, is a totem of the old economy.
Source: https://time.com/6307424/china-economy-commodities-threat/
Customers in world markets are going to be under the same growing pressure to favour low-emission sources of critical minerals and iron ore, and be able to prove their supply chain is low emitting and avoids modern slavery.
Source: https://www.perthnow.com.au/business/time-to-rethink-green-hydrogen-approach-go-local-c-10020810
Damage was still being assessed in the path of Ilsa, which made landfall in the early hours 150 kilometres northeast of the iron ore export town of Port Hedland in the rural area of Pardoo.
Source: https://globalnews.ca/news/9623740/cyclone-ilsa-austalia-damage/
Ferrexpo produces iron ore pellets.
Fortescue reported that it saw “really good” demand for its lower-grade iron ore after the Chinese New Year.
Source: https://agmetalminer.com/2023/03/16/price-of-iron-ore-rises-chinese-government-forbids-hoarding/
In our Mine and Forest business, we expect the Pau Branco iron ore mine to return to full production in Q2 2023.
More recently, the most important flow between the two countries has been in goods, mostly raw resources like iron ore, coal and gas moving from Australia to China, and a smaller river of manufactured goods eddying back.
Much like the dotcom bubble (and dare I say it, the current AI bubble), the white gold rush saw every speculative mining company – from gold to copper and iron ore players – jumping on the lithium bandwagon.
On January 12, a truck pulled out of Rio Tinto’s Gudai-Darri iron ore mine in the Pilbara region of Western Australia and drove 1400 kilometres south to Perth, arriving on January 16.
Source: https://thenewdaily.com.au/life/2023/01/31/radioactive-capsule-lost-in-wa/
President Museveni also lauded an investor’s commitment to add value to Uganda’s iron ore, signaling a shift towards processing the mineral domestically.
Rio admitted on Sept. 21 to damaging a rock shelter on Aug. 6 in Western Australia’s Pilbara region while blasting at a nearby iron ore mine.
Some of the biggest mining companies including iron ore heavyweights BHP, Rio Tinto and Fortescue also failed to lift the index despite a jump in iron ore prices, although Fortescue gained 0.5 per cent throughout the day, reaching an intraday record high.
Some of the biggest mining companies including iron ore heavyweights BHP, Rio Tinto and Fortescue also failed to lift the index despite a jump in iron ore prices, although Fortescue gained 0.5 per cent throughout the day, reaching an intraday record high.