Vale, Australia's Q4 iron ore supply outlook stresses iron ore market

摘要

London—Vale’s challenge to raise iron ore shipments and output further after a strong Q3, and potentially lower Australian iron ore production from BHP and Rio Tinto in the short term could keep the seaborne market tight as China’s steel output rises and global steel demand recovers. Platts iron ore 62% Fe IODEX benchmark averaged close to $124/ dry mt CFR China in September, with prices through to Oct. 20 falling slightly, to average at $121.90/dmt. IODEX has been over $100/dmt since May, pushing up steel and iron costs, supporting ferrous scrap prices and squeezing margins for steelmakers.