Iron-ore majors ramp up supply even as China faces challenges
The world’s biggest iron-ore producers are hurling plenty of dirt, adding tons of the steel-making commodity to the seaborne market even as top user China battles a demand-sapping property crisis.
BHP Group reported record production for the financial year to June on Wednesday, while second-quarter output at Brazilian rival Vale SA topped expectations, reinforcing its confidence in achieving the upper end of full-year guidance. On Tuesday, Rio Tinto Group said quarterly supply rose, and reaffirmed that a giant new African mine would start output next year.