[Ferro-Alloys.com] Seaborne iron ore prices rose above $80 per tonne cfr on Tuesday November 12 amid advances in the derivatives markets following news on production restrictions in China.
The Chinese ferro-silicon market has been supported by firmer steel prices over the past week despite muted demand for volumes of feed alloy, while in Europe, the market has been steady for two consecutive weeks despite no reported trades, awaits renewed demand, with tighter supply underpinning spot prices. US ferro-silicon prices on hold during 2020 talks.
The outlook is based on seasonality, the gradual and safe return of operations and in line with the miner’s margin-over-volume strategy, the miner said on Monday November 11. Vale expects to sell 83-88 million tonnes of iron ore in the October-December period, compared with 96.4 million tonnes in the last three months of last year.
Chinese industrial giant Jingye Group has agreed to buy bankrupt British Steel for an undisclosed amount, the official receiver said Monday in a rescue deal that saves thousands of jobs.Jingye added separately that it would invest 1.2 billion pounds (USD 1.5 billion, 1.4 billion euros) over the next decade to place the business, which collapsed in May, on a competitive and sustainable footing.
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