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Rio Tinto Shuts Mozambique Mine Line, LME Steel Price Tanks

Published 06/28/2013, 02:03 AM
Updated 07/09/2023, 06:31 AM
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As David Bowie would croon, “Rebel, rebel.”

Via the Financial Times: “Rio Tinto has suspended using the vital rail line that it and other mining companies operating in Mozambique rely on to export coal in the wake of threats made by former rebels to sabotage the network.

Rio produces thermal and coking coal from its Benga mine in the Moatize basin and has been transporting eight to nine trains of coal per week, each ferrying 2,500 tons…Vale, the Brazilian company that is the other main coal producer in Tete, said it was still using the track but had increased security.”

MetalMiner’s Chinese coking coal price stayed flat today, but the cash price of steel billet experienced the biggest price decline of the day, dropping 22.9 percent on the LME to close at $135.00 per metric ton on Wednesday, June 26.

Also on the LME, the 3-month price of steel billet fell 18.4 percent to $155.00 per metric ton.

Chinese steel prices were flat for the day. The price of iron ore 58% fines from India remained rangebound. For the fifth day in a row, the price of Chinese HRC remained essentially flat.

The 3-month price of the US HRC futures contract rose 1.5 percent to $617.00 per short ton. The spot price of the US HRC futures contract continues hovering around $600.00 per short ton for the fifth day in a row.

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