Cliffs Natural Resources, the North American iron ore mining company, made it known that if the iron ore price falls further, then its Bloom Lake mine expansion in Canada will go kaput.
Reportedly, the Bloom Lake mine is a “key future growth driver” for the company.
“At [an iron ore price of] $90 [per ton], the project doesn’t go, which is consensus right now,” Cliffs CEO Joseph Carrabba told Reuters at a steel conference. “At $110, $120, the project goes. And believe me, the line is that fine when it comes down to the criticality of that project.”
Chinese steel prices closed flat for the day, but the price of iron ore 58% fines from India dropped a slight bit. The price of Chinese HRC was essentially unchanged. For the fifth consecutive day, the price of Chinese coking coal held flat.
The cash price of steel billet saw the biggest increase at 4.2 percent on the LME, finishing at $125.00 per metric ton for Wednesday, June 19. The steel billet 3-month price jumped 3.6 percent on the LME to finish at $145.00 per metric ton.
The 3-month price of the U.S. HRC futures contract showed little movement on Wednesday at $605.00 per short ton. The spot price of the U.S. HRC futures contract saw little movement yesterday at $600.00 per short ton.
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Cliffs Natural Resources Inc Hedges Against Iron Ore Price Fall
Published 06/20/2013, 03:19 AM
Updated 07/09/2023, 06:31 AM
Cliffs Natural Resources Inc Hedges Against Iron Ore Price Fall
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