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Reuters reported that Rio Tinto (LSE:RIO,ASX:RIO,NYSE:RIO) dismissed as “harebrained” a suggestion by Fortescue Metals Group that miners should cap output of the iron ore to boost prices.
Reuters reported that Rio Tinto (LSE:RIO,ASX:RIO,NYSE:RIO) dismissed as “harebrained” a suggestion by Fortescue Metals Group that miners should cap output of the iron ore to boost prices.
As quoted in the market news,
Rio Tinto Chief Executive Sam Walsh said on Thursday there would be no benefit to Australia from trying to support the iron ore price by setting a cap on production, despite market oversupply and waning demand growth in China.
Walsh was speaking two days after Fortescue Chairman Andrew Forrest called on larger iron ore miners to join Fortescue in limiting production, prompting Australia’s competition regulator to investigate whether he breached the law by calling for a cartel.