Find below the iron ore price table from May 10, 2013:
Not much movement, clearly.
Last week I didn’t bother reporting on BHP statements that it expects iron ore to fall. After all these were not new. But some new detail of the giant’s comments is available and is interesting:
BHP on Wednesday confirmed that its Jimblebar mine in Western Australia is on schedule and will be completed in the first quarter of 2014, adding 35 million tonnes to its annual output.
A 55 million tonnes ore handling facility will also be up and running should the company expand production in the region further. BHP Billiton in on track to up production this year by 5% to 183 million tonnes.
I know I’ve said it before but it’s worth repeating. BHP, Rio and FMG have between them 130 million tonnes of new iron ore capacity coming on line in the next 9 months. That’s roughly 11% of the total seaborne market.
