24.10.2016 - Steel ETFs in Focus as Miners Slash Iron Ore Forecast
Two of the world's largest iron ore producers - Vale SA VALE and Rio Tinto plc RIO - slashed their iron ore outlook. The Anglo Australian miner Rio Tinto tweaked its expectation for shipments to 325-330 million tons for 2016 from 330 million tons while maintaining the iron ore shipment forecast of 330-340 million tons for 2017. On the other hand, Brazilian miner Vale expects to produce 360-380 million tons of iron ore next year, down from the previous forecast of 380-400 million tons.Production of iron ore rose 2% at Rio Tinto while shipments fell 5% in the third quarter due to port and rail maintenance. For Vale, production increased 1.5% due to improved performance at mines in the northern Amazonian state of Para........................................Full Article: Source