Industry News

Iron ore price jumps as Fortescue, BHP and Rio Tinto face labour shortage

Views : 151
Update time : 2022-01-27 18:34:16

The iron ore price jumped on Tuesday after Fortescue raised concerns over a labour shortage in Australia because of covid-19 curbs, which could hamper output and shipments.

BHP and Rio Tinto have also warned of disruptions from labour shortages as Australia faces a surge of Omicron coronavirus variant cases.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $138.39 a tonne during morning trading, up 3.7% compared to Monday’s closing.

Iron ore’s most-traded May contract on China’s Dalian Commodity Exchange ended daytime trading 1.4% higher at 766.50 yuan ($121.14) a tonne, rising for a fifth straight day after overnight gains erased Monday’s losses.

Mining stocks also slid, with Fortescue down more than 4% from the previous week, Rio Tinto Group down 0.6%, and BHP down 1.2%.

Fortescue, the world’s fourth-biggest iron ore miner, posted a 2% rise in second-quarter shipments, but flagged pressures from strong demand for labour and resources, as well as supply chain constraints due to the pandemic.

“The release of Fortescue’s production report should shed light on whether recent iron ore supply disruptions have been overcome,” ANZ commodity strategists said in a note.

Related News
Read More >>
Global stainless steel summit in Mumbai to discuss India’s challenges over rising imports Global stainless steel summit in Mumbai to discuss India’s challenges over rising imports
May .27.2025
Global stainless steel summit in Mumbai to discuss India’s challenges over rising imports
Nickel price increases on May 23 following sharp decline in US dollar & continued drops in inventories Nickel price increases on May 23 following sharp decline in US dollar & continued drops in inventories
May .27.2025
Nickel price increases on May 23 following sharp decline in US dollar & continued drops in inventories
China’s alumina prices climb due to tight supply and cost support China’s alumina prices climb due to tight supply and cost support
May .27.2025
China’s alumina prices climb due to tight supply and cost support
Great China Metal sees NT dollar strength as advantage for aluminum imports Great China Metal sees NT dollar strength as advantage for aluminum imports
May .27.2025
Great China Metal sees NT dollar strength as advantage for aluminum imports