Articles Tagged "Iron Market News"

Iron Ore Headed for Gains, Still Under $100

Iron – Reuters reported that although Iron Ore was slated to make gains in price for the first time in eight weeks on Friday, the metal was still below the key level of $100 per tonne. Iron ore prices have declined 30 percent so far this year, and major miner BHP Billiton (NYSE:BHP) was second guessing the speed at which it expanded iron operations this year, according to Reuters.

Maritime Union of Australia to Suspend Action for 30 Days

Iron – Reuters reported that the Maritime Union of Australia, which represents tugboat workers at a major iron ore port, has agreed to suspend its plans to strike for one month. According to Reuters, miners BHP Billiton (ASX:BHP) and Fortescue Metals Group (ASX:FMG) have been trying to avert the strike, calling on the Australian government to halt the action due to its potential impact on the country's economy.

Iron Ore Sees Gains on Possible Australian Strike

Iron – Bloomberg reported that iron ore made minimal gains following a 20-month low yesterday. Prices were supported by news that a strike at Australia's Port Hedland could affect iron ore exports. The resource has fallen 27 percent so far this year, but the Australian port strike could put a dent in the expected global surplus, according to Bloomberg.

Iron Ore Hits Lowest Price Since 2012

Iron – Bloomberg reported today that Iron Ore has hit its lowest price since 2012. According to the publication, ore prices have recorded losses for the fourth week in a row, and the market for the metal has been bearish since March when major producers upped their output, contributing to a rising surplus.