Iron ore producers in India reducing iron ore trade transactions recent weeks, because the iron ore producers wait for a decision setting the iron ore export duty issued by the Indian...
Reporting from Beijing – China has indicted four employees of the British-Australian mining giant Rio Tinto for alleged bribery and theft of commercial secrets, a move that paves the way for a trial in a case that has already elicited widespread international criticism.
Asian iron ore prices hardened on Thursday on consistent Chinese buying that drove up freight costs as well, even though high steel output in China inspired caution in some buyers.
“Prices are increasing everyday,” said a dealer in a mining and exporting company in eastern India. “There is demand, but people are buying cautiously.”
The exporter said his last deal was done on Wednesday at $108 a tonne with freight, for ores with 63.5 percent iron. “Now we are looking for $111.”
Iron Ore Holdings Ltd., controlled by Australian billionaire Kerry Stokes, jumped to its highest level in almost four years in Sydney trading after Rio Tinto Group said it is considering buying a project.
Perth-based Iron Ore Holdings surged 15 percent to A$1.695, the highest closing price since Jan. 17, 2006.
Rio Tinto, the world’s second-biggest producer of iron ore, is evaluating Iron Ore Holding’s Iron Valley deposit in Western Australia’s Pilbara region and may buy all or part of the project, Rio Tinto said in a statement to the Australian stock exchange today.
