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Tight Supply from Top Global Producers Keeps Pressuring Iron Ore Market

https://en.steelhome.com [SteelHome] 2019-07-31 17:25:10

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During the second quarter, tight iron ore supply from the most important global producers in Brazil and Australia continued to pressure prices for the commodity in international markets following catastrophic events at the beginning of the year.

Recently, Brazil's Vale managed to secure the return of operations at some of its mines, halted by court orders after the Brumadinho dam collapse on January 25, which killed over 200 people. But the increased output from the Brazilian miner is expected to be limited.

Anglo-Australian rivals Rio Tinto and BHP also had to deal with weather-related issues, putting more pressure on prices and the supply in international markets.

Moody's Investors Services, in a research report on Monday, increased its 62%-Fe iron ore price benchmark range to US$60-90/t from the US$45-70/t announced earlier in the year.

"Our new price ranges for iron ore reflect our expectation that only limited incremental new capacity will be added over the next few years," Moody's senior VP Carol Cowan said. 

"While higher output from major global miners and Chinese domestic producers will see prices go down somewhat, supply will not fully recover in the near future," Cowan added.

Moody's sees the imbalance slowly improving this year and next, despite an expected increase in year-on-year output from Australia's top iron ore producers BHP, Rio Tinto and Fortescue in 2019. 

Source: Bnamericas

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