Michael Sainsbury Nikkei Asian Review, August 6 2014 These are tougher times for the world’s iron ore miners. After four years of record prices, the commodity has fallen back to earth and is now selling at $95 per ton, down from $135 at the start of the year, as China’s economy – which
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Michael Sainsbury It was with an air of triumph that Andrew Forrest, the billionaire founder of Fortescue Metals Group, opened the company’s fourth mine in late March. FMG is Australia’s third-largest iron ore producer; 400 select guests attended the ceremony for Kings, the new site in the country’s remote northwest. Australia’s third-largest iron ore producer,
Michael Sainsbury China must be now be extremely concerned about its property market plummeting with a story widely published in state media at the weekend going to great lengths to say that if the property bubble does pop – and note that the story actually calls it a bubble – it won’t hurt the economy.
Michael Sainsbury Tightening credit conditions in China, high steel inventories and surging supply on March 10 triggered iron ore’s biggest one-day fall in more than three years. Big ore producers, including Rio Tinto and BHP Billiton, brushed aside concerns about slowing demand from China, dismissing the decline in prices as temporary. Chinese steel industry representatives, however,