London P&I Club and two partners have issued new guidelines for sailings with dangerous cargo which can become liquefied if humidity levels are too high. Last Friday, Stellar Daisy was shipwrecked after sailing with category A cargo.
One of the world's top mining companies, Australia's Fortescue, believes that the Chinese government's plans to strengthen the country's infrastructure will help keep the company's iron ore shipments at 165 to 170 million tons for the full fiscal year.
Australia's BHP Billiton produced more iron ore in the first half of the fiscal year 2016/2017, especially due to a record output from subsidiary WAIO. Prices for the key commodity increased during this period.
Iron ore prices could face a setback in the year to come after registering a surprise recovery in 2016, projects RBC Capital Markets. Growing iron ore stockpiles in Chinese ports and record-high Brazilian export are contributing factors.
A collaboration between two of the world's largest miners, Vale and Fortescue, to supply iron ore for China has gone down the drain. The venture would have competed directly with Rio Tinto and could have seen Vale pick up a stake in Fortescue.
Brazilian miner Vale inaugurated the largest project ever in the mining industry over the weekend. The mine, Eliezer Batista, represents combined investments of more than USD 14 billion and is expected to commence operations in January 2017.
The two executives suspended last week have now been fired by mining company Rio Tinto. This occurred after an internal investigation of a case concerning a mining project in Guinea, after a 2011 incident where millions of dollars were paid out to a consultant with ties to the president at the time.
Australia and Brazil, the world's two top iron-ore exporters, will add close to 100 million tons to their supply over the next ten years in a development that looks set to put pressure on the prices, and thus smaller miners, notes Citigroup Inc.
Mining companies, banks and analyst agencies can all find encouragement in the most recent numbers from China's commodity imports, which mar the first time in a long while that there are good signs for especially the dry bulk market.
Loss-making iron ore mines in Australia help drag down the prices on the market, acknowledge the country's authorities, according to Alphabulk. The mines have continued production longer than expected.
The two major mining companies, Fortescue and Vale, have entered signed a Memorandum of Understanding to establish one or more joint ventures in China in order to strengthen competitiveness. The deal also enables Vale to invest in Fortescue.