China’s African Pilbara killer “won’t have impact”

There’s always someone paid to say something stupid, via Platts:

Output from Guinea’s Simandou blocks 1 & 2 iron ore project — which could reach 60 million mt a year from 2026 — is unlikely to unbalance the iron ore market due to its high grades and because capacity elsewhere has been taken out of production, SMB-Winning, the alliance which gained rights to develop the project this month, said.

“The high-grade market can be thought of as a micro-market — maybe representing just 5% of the total iron ore market of some 2.7 billion mt/year production — as such we should be less exposed to price volatility than others,” Fadi Wazni, chairman of Societe Miniere de Boke (SMB), part of the alliance, told S&P Global Platts.

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