Daily iron ore price update (RIO delays)

by Chris Becker

Here’s the latest price update from the iron ore complex:

Some delaying news from WA with Rio Tinto disrupting some supply due to a fire last week at its Cape Lambert export facility. More here:

A Rio spokesman said the mining giant had declared force majeure on customers impacted by damage to a section of the Robe River screen facility that separates Robe Valley lump and fine products.

He said the fire had not affected shipping of other iron ore products.

Robe Valley produced 31.2 million tonnes of iron ore in 2017.

“Rio Tinto is assessing the full impact of the damage and will do all it can to try and minimise disruption to our customers,” he said.

With the latest annual figures showing a 1% drop in iron ore imports to China. From Reuters:

China’s 2018 iron ore imports fell by 1 percent from the previous year, the first annual decline since 2010, according to data from the General Administration of Customs on Monday.

Full-year iron ore imports fell to 1.064 billion tonnes in 2018 from an annual record of 1.075 billion tonnes in 2017, the data showed. The ore imports, though, still exceeded 1 billion tonnes for a third year running.

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