China's iron ore prices hit record highs on Thursday after Rio Tinto Ltd lo...
MANILA - China’s iron ore prices hit record highs on Thursday after Rio Tinto Ltd lowered its Pilbara shipment guidance, suggesting that supply could remain tight even as Vale SA is set to fully resume operations at Brucutu mine.
The guidance cut came just hours after Brazilian miner Vale, the world’s No. 1 iron ore producer, said late on Wednesday that it will fully resume Brucutu operations within 72 hours, after a favorable ruling from an appeals court. Safety concerns prompted closures of other Vale mines, curbing supply of the steelmaking raw material to China, which makes half of the world’s steel, at a time Chinese steel mills continue to ramp up output.
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