Iron ore rose after China’s state-backed buyer of the commodity expanded curbs on Australian miner Fortescue Ltd., and as a slump in prices over the last couple of months attracted buyers.
China’s state-backed iron ore buyer has expanded its curbs on Fortescue Ltd.’s iron ore to include new purchases of its Super Special Fines product and not just portside inventories, escalating its dispute with the Australian miner.
An excavator, right, loads ore into autonomous dump trucks at Fortescue Metals Group Ltd.'s Solomon Hub mining operations in the Pilbara region, Australia, on Thursday, Oct. 27, 2016. Shares in Fortescue, the world's No. 4 iron ore exporter, have almost trebled in 2016 as iron ore recovered, and the company cut costs and repaid debt.
Iron ore advanced — with futures briefly topping $100 a ton — after China’s state-backed buyer of the commodity signaled that it planned to restrict some Fortescue Ltd. inventories held at mainland ports.
A conveyer belt loads up a barge at an iron ore transfer and storage center operated by the Shanghai International Port Group in Shanghai, China.
Some Fortescue Ltd. iron ore cargoes due in China next month are being held up because negotiations between the Australian miner and the country’s state-backed buyer remain deadlocked, according to people familiar with the matter.
China’s state-backed iron ore buyer has instructed some steel mills to ask questions about Fortescue Ltd.’s new low-grade product as negotiations over a long-term supply contract hit a rough patch.
Fortescue Ltd., one of the world’s biggest iron ore miners, has been ordered to pay over A$150 million ($108 million) in damages to an Aboriginal group after being found to have operated the Solomon Hub project on their land without consent.
Fortescue Deputy Chairman Mark Barnaba speaks to Bloomberg TV about rising costs from the Iran war, China’s growing influence, and the miner's push to replace diesel with renewable energy. Barnaba speaks to Bloomberg's Haslinda Amin exclusively from the Bank of America’s Breakthrough Technology Dialogue Asia Pacific in Singapore. (Source: Bloomberg)
Fortescue Executive Chairman Andrew Forrest is urging the US and Iran to find an off-ramp quickly to end the war in the Middle East. He speaks to Bloomberg's Stephen Engle at the annual Boao Forum for Asia in Hainan. (Source: Bloomberg)
Fortescue Ltd.’s Executive Chairman Andrew Forrest said China’s state-backed iron buyer should stop using tactics aimed at negotiating lower prices for the key steel ingredient.
Andrew Forrest Photographer: Brendon Thorne/Bloomberg
“Bloomberg: The China Show” is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, David Ingles and Yvonne Man give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)
Miner Fortescue Ltd. expects its extensive use of Chinese capital and mining equipment to set it apart from rival iron ore producers as Beijing seeks to extend its influence in the market, Chief Executive Officer Dino Otranto said in an interview.
Dino Otranto in Beijing on March 23. Photographer: Qilai Shen/Bloomberg
Dino Otranto, CEO at Fortescue Metals, discusses the impact of the Iran war on the business and energy markets. He speaks with Stephen Engle at the China Development Forum in Beijing. (Source: Bloomberg)
Rio Tinto Group and Fortescue Ltd, two of the world’s largest iron ore producers, have switched the index they use to price shipments for the world’s largest commodities consumer, a rare change that follows public criticism of the current mechanism from state-backed buyer China Mineral Resources Group.
Iron and bauxite iore at the Yantai port in eastern China.
Fortescue Ltd. has agreed to acquire Canada-based explorer Alta Copper Corp. in a deal that marks the Australian company’s first major foray beyond iron ore into other metals.
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