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Global iron ore glut threatens China’s miners

Posted on 08 May 2014

Mainland iron ore miners face a rising challenge from increased overseas supplies of raw material for steel and some higher-cost capacity will probably be forced to close, according to BHP Billiton.
The gain in global production is being led by Australia and Brazil and their new, low-cost output will displace marginal suppliers in China, Michiel Hovers, vice-president of iron ore marketing at BHP, said at an industry conference yesterday. Vale, the world’s biggest producer, plans to raise output by almost 50 per cent by 2018, said its global marketing and sales director, Claudio Alves………………………………………..Full Article: Source


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