China Wants ’fair game’ on Iron Ore Supply

Mineweb reported that China wants a diversity of suppliers of Iron ore, according to the founder and chairman of Fortescue Metals Group Ltd., the world’s fourth-biggest producer.

As quoted in the market news,

At least 80 million tons of output from smaller and higher cost iron ore suppliers will exit the market in 2015, with an additional 85 million tons vulnerable as the biggest producers continue to expand their lower cost operations, according to Rio Tinto Group, the second-largest producer.

Andrew Forrest, Chairman of Fortescue Metals Group Ltd., stated:

China needs a stable supply and a diversified supply, they don’t want concentrated supply. That way you get a fair game, Fortescue is part of that fair game.

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