Kumba, ArcelorMittal Agree To Extend Iron Ore Supply

Bloomberg reported Kumba Iron Ore Ltd. (ASX:KIO) agreed to extend a deal to supply ore from its Sishen mine to ArcelorMittal South Africa Ltd. (NYSE:MT) at below-market rates until the end of the year.

As quoted in the market news:

Sishen Iron Ore Co. will provide a maximum of 1.5 million metric tons to ArcelorMittal South Africa’s Newcastle and Vanderbijlpark units at $70 a ton and Saldanha Steel at $50 a ton through Dec. 31, Kumba said today in a statement. The 62 percent iron ore arriving at China’s Tianjin port, an industry benchmark, declined 1.6 percent to $104.70 a ton yesterday.

Click here to read the full Bloomberg report.