Iron Ore Hits Fresh 4-Year Low

Iron ore futures declined toward CNY 670 per ton, reaching their lowest level in four years after China’s state-backed iron ore buyer secured a new supply agreement with Rio Tinto, easing concerns over supply availability.

The China Mineral Resources Group verbally informed several steel mills of the deal on Wednesday, although specific terms were not disclosed.

CMRG had previously instructed some steel mills to suspend negotiations with Rio Tinto over shipments scheduled from September.

Meanwhile, rising global shipments and increased arrivals at Chinese ports signaled abundant supply.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →