Bloomberg reported that the world’s largest iron-ore producer, Vale SA, is losing its lead to Rio Tinto, after production slid 0.8% due to aging mines and licensing delays.
As quoted in the market news:
Vale’s production of the main raw material used to make steel slid 0.8 percent to 320 million metric tons last year, compared with a 3.7 percent gain for Rio Tinto to 198.9 million tons. Vale’s lead over Rio Tinto narrowed to 121 million tons, the smallest in three years, data compiled by Bloomberg show.
Get Our Expert Guide to Base Metals Investing FREE!Download this FREE Special Report, Investing Opportunity: Using LME Prices and Base Metals News.