According to an Argus Media report, BHP is expected to make up for lost iron ore shipments from Port Hedland for the rest of the year and stay on track to hit its July 2018-June 2019 guidance, following the derailment of one of its trains earlier this month.
The train derailed after leaving without its driver, and subsequently the company was unable to deliver ore from its Pilbara iron ore mines to its port at Port Hedland. BHP was able to resume partial deliveries on November 10 and has been able to ramp up rail services over the past week despite some safety concerns related to the trains.
BHP's shipping data indicates that its loadings for November 6-19 this year are down by 22% on the same period in October and by 30% on the same period in November last year.
While this may seem like a large fall, it is only over a two-week period and BHP should be able to make up for this over the next six to eight weeks, assuming there are no other technical issues and the weather remains benign, according to analysts.
Sponge iron market seems to remain strong, as per manufacturers in central & eastern India. Rising raw material prices & active demand are likely to keep Indian sponge iron prices supported, they added.
Department of Mines and Geology (Govt. of Karnataka) has floated the tender for auctioning of 4 iron ore blocks in Karnataka for its 4th phase.
SolGold is in talks with financiers keen to invest in its Ecuadorian copper-gold prospects and mining major BHP could increase its stake in the company, SolGold's chief executive said on Monday.
The iron ore market is on a surge, the price last week punching up through the $100-per tonne level for the first time in five years.
World’s largest miner BHP (ASX, NYSE: BHP) has lifted its forecasts for the global adoption and sales of electric vehicles (EVs), but warns the electrification of the transport sector will proceed only as fast as the development of charging infrastructure.
Spot iron ore fines Fe 62% index has picked up to USD 100.4/MT, CNF China as against USD 98/MT, CNF China yesterday. The increase is due to Vale forecast of dam rupture in next week. The prices have hit 5 years high as the prices were last seen in May'14.