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Mineweb reported that the three biggest global iron ore miners are tightening their grip on the Chinese market as extensive expansions drive more high-cost rivals out of business.
Mineweb reported that the three biggest global iron ore miners are tightening their grip on the Chinese market as extensive expansions drive more high-cost rivals out of business.
As quoted in the market news:
The global giants have met stubborn resistance after many big Chinese miners kept producing despite weaker iron ore prices, helping push prices far lower than Rio Tinto, BHP Billiton and Vale envisaged when they began to flood the world with ore two years ago.
However, cracks are starting to appear in even China’s resilient state-mining sector, where mines can have production costs 20-50 percent above the market but also employ thousands of workers and are aligned with big steel makers.