Iron ore nears $80 a tonne

Iron ore prices held steady above $79 per tonne on Tuesday on the back of a strengthening billet market a day earlier, when Chinese steelmakers began stoking production ahead of mandated cuts going into winter. Iron ore is trading higher now than at the beginning of the year. Ore with 62% content in Qingdao traded at $79.65 per[…]

Upbeat China data sends iron ore soaring, climbs the most in 8 months

Iron ore prices received a major boost Monday hitting its highest level in eight months after upbeat Chinese data showed its construction sector in July grew the most in almost four years. Ore with 62% content in Qingdao jumped 7.2% to $73.70 a tonne, according to the Metal Bulletin, the highest price since April 11 and the largest[…]

Iron ore soars past $70 a tonne

Iron ore continued this week’s sharp rally and is now back above $70 a tonne, a level not seen since April 11. Ore with 62% content in Qingdao climbed 2% to $70.24 a tonne, according to the Metal Bulletin. It means that since Monday the commodity has surged about 7%. And from the recent low of $53.36 a[…]

Rio’s revised iron ore guidance pushes price to three-month high

Prices for iron ore skyrocketed Tuesday as Rio Tinto (ASX,LON:RIO), the world’s second largest exporter, warned Tuesday that shipments from Australia were expected at about 330 million tonnes in 2017. That’s down from its April forecast of 330 million-to-340 million tonnes. Ore with 62% content in Qingdao added $2.03 a tonne overnight, to close at $68.84 a tonne[…]

Here's why the iron ore price is tanking

The destruction of iron ore and coking coal prices in the past week has been brutal. Northern China 62% Fe import prices are down more than 12% since last Friday after losing another $4 on Friday to below $60 a tonne. Measured from its February peak, the steelmaking raw material is down a stomach-churning 37%.[…]

Top 50 biggest mining companies

Less red ink more blue sky MINING.com and sister company IntelligenceMine‘s ranking of the world’s 50 largest mining companies based on market value continues to show an industry in recovery. At the end of the first quarter this year the top 50 companies had a combined worth of $842 billion. In total these companies’ added $258[…]

Rio Tinto defers former CEO Walsh bonus over Guinea scandal

Rio Tinto’s (ASX, LON:RIO) former chief executive Sam Walsh has had part of his retirement payout withheld while the group waits for the results of ongoing investigations into payments made to a consultant to gain access to the Simandou iron ore project in Guinea, Africa. The decision, announced as part of the world’s second biggest miner’s[…]

Fresh shake-up at Rio Tinto in aftermath of bribery probe

Mining giant Rio Tinto (LON, ASX:RIO) has once again reshuffled its top management team, replacing a senior executive and adding a new member as the company deals with a probe into a questionable payment made to an external consultant over the Simandou iron ore project in Guinea. Chief executive officer Jean-Sébastien Jacques, who took the helm[…]