Australia, Brazil Seen Taking 90% of Worldwide Iron Ore Trade Australia and Brazil, the largest iron ore producers, will raise their combined share of global seaborne supply to 90 percent as they boost output and spur the closure of higher-cost mines, according to Macquarie Group Ltd. The two countries are forecast to increase their joint share to 79 percent in 2015 from 73 percent last year, Macquarie said in a commodities report received today. The combined 90 percent share may be reached by 2020, the bank forecast. Iron ore tumbled 39 percent this year after Rio Tinto Group (RIO) and Vale SA raised low-cost output in Australia and Brazil, spurring a global glut. Prices are seen staying weak for a sustained period as production increases and China’s economy slows, according to Tom Albanese, former head of Rio Tinto.
Posted on: Thu, 16 Oct 2014 02:35:45 +0000
Trending Topics
Recently Viewed Topics
© 2015