Iron ore slumps on China’s inventory pile-up and soft demand for steel

BHP-iron-ore.jpg

Iron ore futures extended losses, with the Chinese Dalian benchmark touching a fresh two-week low, as China’s rising port inventories and softening physical demand for steel products weighed on sentiment, Reuters reports. Portside iron ore stocks in top steel producer China also rose to a seven-month high of 123.6 million tonnes last week, SteelHome consultancy […]

Read more

Iron ore stockpiles at mines remain unsold: FIMI

iron-ore.jpg

The Federation of Indian Mineral Industries (FIMI) has said that stockpiles at mine-heads are increasing. Refusing to allow their exports will only amount to complete wastage of a material which can earn valuable foreign exchange for the country, it said. Currently, India requires around 165 million tonnes of iron ore as against production of 206 million tonnes […]

Read more

China’s sharp economic rebound seen helping Australia as demand for resources rise

Oz-miing-sector.png

A sharp rebound in the Chinese economy – the world’s biggest consumer of resource and energy commodities – means Australia would benefit in a world battling with an overall economic contraction, a latest quarterly government report said. According to Australia’s Department of Industry, Science, energy and Resources, resource and energy commodity exports are likely to […]

Read more