Here are the iron ore charts for May 26,2014:
All green in both paper and physical markets for a change, including rebar futures. The BDI has not updated so can’t spoil the fun.
In news, it’s all about Rio:
Rio Tinto pledged to press ahead with one of Africa’s largest industrial projects after striking a deal with Guinea’s government over the $20bn development of a giant iron ore deposit.
The agreement over Simandou’s mineral resources could lead to the miner bringing a substantial supply of African iron ore to global markets within five years, while Guinea’s mining minister said the development would be a “game changer” for one of the world’s poorest countries.
“There will be before-Simandou and after-Simandou. With Simandou, our country is expected to have a double-digit growth rate very soon,” Kerfalla Yansané, mining minister, told the Financial Times.
However, Rio and Guinea’s government acknowledge the delayed project could slip beyond its fresh 2018 target date for commercial production.
Rio will surely be hoping so!
