Iron Ore Miners Say Market Will Remain Tight

Reuters reported the global iron ore market will remain tight until later in the decade because increased capital costs could delay some new projects.

As quoted in the market news:

Global iron ore demand, chiefly driven by top importer China, has been outpacing supply, and many analysts have predicted the seaborne market will start to be oversupplied by 2014 or 2015 because of massive expansion by top miners Vale , Rio Tinto and BHP Billiton.

Between them, the Big 3, which control around two thirds of the 1-billion-tonne global seaborne market, are planning to ramp up output by more than 300 million tonnes over the next three years.

Click here to read the full Reuters report.