The hottest iron ore price plummeted, and the mini

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Iron ore prices plummeted mining giants bucked the trend to increase production

although iron ore prices plummeted to the lowest point in nearly a decade, at present, the world's focus is on the world's largest mining giants mining ore at a record speed at this time

China is the world's largest consumer of iron ore. although the price of iron ore has continued to fall, with the recent significant slowdown in China's steel production, concerns about global oversupply are increasing. For mining giants such as bhpbillitonltd and VALESA, the dam break accident of the two joint-venture samarco iron ore waste reservoirs in early November undoubtedly worsened the situation. These two groups and riotintoplc are currently the world's mining giants

the price of iron ore plummeted, and the mining giant increased production against the trend.

according to the statistics of thesteelindex, a data provider, the price of iron ore fell to $43.40 per ton on Tuesday (November 24), with a cumulative decline of 12% this month, down a thousand feet from the peak of $191 per ton in 2011. Such a huge decline has raised the question that the mining giant is still operating at full capacity in the current downturn in the market

BHP Billiton and Rio Tinto have been accused by investors and lawmakers of overproduction and lowering prices. In May this year, the Australian government also conducted a parliamentary inquiry on this matter, but in the end, this accusation was not established

the two mining giants in Australia have long claimed that the implementation of free trade in iron ore around the world and the plan to expand production have been determined several years ago, which can maximize the interests of shareholders

the strategy of the two groups is: not to increase the price by reducing the output, but to produce as much as possible at the lowest cost of the full-automatic tensile testing machine system designed by StarTech. Due to the expansion of economic scale, although the price of iron ore has been reduced, the two groups still made considerable unit profits on the exported iron ore

however, the profits of these two groups, which are almost entirely dependent on iron ore, have plummeted. Since June this year, BHP Billiton's net profit has fallen by 86%

jacnasser, chairman of BHP Billiton group, said that the company's financial health is deeply affected by the current market, which has reached the worst situation in the company's 130 year history

the shareholders of the company are worried that due to the current sharp decline in iron ore, the company may be difficult to retain long-term earnings, so it is difficult to improve or even maintain the annual shareholder dividend. Macquarie's analysis on Wednesday mainly includes: the common board used in dry conditions said that under such a low spot price, BHP Billiton's original expansionary dividend policy was inevitable to be cut

since the dam break on November 5, BHP Billiton's stock has fallen to a 10-year low. The accident caused silt to block the river valley and made several towns inaccessible

some analysts say that the cleanup cost caused by the accident may eventually reach about $1billion. However, BHP Billiton and vale both claim that the production of the mine lies in the independent joint venture samarco

according to andreasbokkenheuser, an analyst at UBS, although some high-cost producers have implemented production cuts, the global iron ore supply will still exceed the demand by 150 million tons by 2018

since June this year, BHP Billiton's production has increased by 14% to a record 233 million tons, while Rio Tinto has also increased its production

at the same time, Vale group of Brazil has built a set of mining equipment worth US $16billion, and claims that this is the largest project investment in the history of the group and the history of international mining

justinsmirk, an economist at Westpac, said that it is clear that the pain of Australian mining industry is close to the critical point, but the price of iron ore is still likely to decline

Citigroup predicts that with the increase of iron ore production and the decline of China's steel production, iron ore prices may fall below $40/ton next year, putting pressure on ore producers. According to the worldsteelassociation, China's steel production in October has fallen by 3.1% year-on-year

according to the analysis of Australia and New Zealand Banking Group, it is certain that the iron ore price will soon reach a temporary low after the recent sharp decline. The stabilization of China's steel prices in the future has further strengthened the signal that iron ore prices have bottomed out

fortescuemetalsgroupltd, the world's fourth largest importer of iron ore, is strengthening its financial base. The company said on Wednesday that it had agreed to repurchase a total of $750million in debt, which would reduce its annual interest expense by $56million

on Tuesday (November 24), anthonykiernan, chairman of bcironltd, said that since the iron ore price now and the data collection and testing system show the change curve of the friction coefficient and the equivalent resistance characteristics of the friction pair over time in real time, there is no hope of recovery in the future, Australian small mining enterprises need to be prepared to explore production fields other than iron ore

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