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Posted On: 06/06/2014 1:39:07 PM
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Off-Radar Iron Ore Exporters Helping Hasten Global Market Glut
By Elisabeth Behrmann Mar 5, 2014 11:25 PM GMT+0100
Iron ore exports from half-a-dozen “off-the-radar” nations such as Peru and Iran are helping tip the $159 billion global iron ore market toward oversupply.
China’s Shougang Corp. and Hong Kong-based CAA Resources Ltd. (2112) are among companies expanding mines in these countries to feed Chinese steel mills. Exports from these emerging suppliers, the so-called EM6 exporters, gained about 30 percent last year, making them the largest source of seaborne supply growth after Australia, according to Goldman Sachs Group Inc.
“I would get on average probably 20 inquiries a week for 100,000 tons or more for one-year, five-year or six-year contracts,” said Phillip Thomas, president of closely held AussieMex SA de CV , which operates the Manto mine in Mexico. “Mostly from China but India is starting to crank up a bit.”
http://www.bloomberg.com/news/2014-03-05/off-...-glut.html
Off-Radar Iron Ore Exporters Helping Hasten Global Market Glut
By Elisabeth Behrmann Mar 5, 2014 11:25 PM GMT+0100
Iron ore exports from half-a-dozen “off-the-radar” nations such as Peru and Iran are helping tip the $159 billion global iron ore market toward oversupply.
China’s Shougang Corp. and Hong Kong-based CAA Resources Ltd. (2112) are among companies expanding mines in these countries to feed Chinese steel mills. Exports from these emerging suppliers, the so-called EM6 exporters, gained about 30 percent last year, making them the largest source of seaborne supply growth after Australia, according to Goldman Sachs Group Inc.
“I would get on average probably 20 inquiries a week for 100,000 tons or more for one-year, five-year or six-year contracts,” said Phillip Thomas, president of closely held AussieMex SA de CV , which operates the Manto mine in Mexico. “Mostly from China but India is starting to crank up a bit.”
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