1. Guardian: Brazil’s Vale cuts output as crisis hits demand
Vale braces for recession’s impact, announces plans to cut iron ore output by 30 million tonnes a year and cut base metal output in France, Norway, and Asia. Chief Executive Roger Agnelli sees market conditions deteriorating intensely over the next three to four months. The steel [...]
Entries from October 2008
October 31, 2008
Top ten stories for October 31, 2008
October 30, 2008
Top ten stories for October 30, 2008
1. CCTV International: Chinese steelmakers team up on ore prices
Chinese steelmakers forge an alliance, tell producers to drop their prices ore else. The China Iron and Steel Association has called a conference to prepare for contract discussions scheduled to begin next month in an attempt to unite steelmakers. The organization is hopeful that stalled iron [...]
October 29, 2008
Top ten stories for October 29, 2008
1. Star Tribune: Economic slowdown hits home on Iron Range
Name change couldn’t hide Cliffs Natural Resources from the mining downturn. The U.S.-based iron ore pellet producer, whose name was recently changed from Cleveland Cliffs, announces plans to idle half its taconite pellet production in two Minnesota plants. The company expects adjustments to employment will also [...]
October 28, 2008
Top ten stories for October 28, 2008
1. The Age: Big miners forced to share rail
Australia’s mining big kids told to play nice: forced to share choo-choo tracks with youngsters. Treasurer Wayne Swan refuses to protect BHP Billiton and Rio Tinto’s private railways from use by other companies, accepts the recommendation from the National Competition Council. The decision comes after an application [...]
October 27, 2008
Top ten stories for October 27, 2008
1. Bloomberg.com: Mining projects face $50 billion delay, Credit Suisse says
The collective sound of pocketbooks closing echoes across the world. Credit Suisse Group quantifies mining slowdown, estimates mining companies will defer $50 billion worth of development projects. The amount represents nearly two-thirds of next year’s spending plans. The Group warns survival is more important than [...]
October 24, 2008
Top ten stories for October 24, 2008
1. The Australian: China poised to regain upper hand on iron ore price
China proposes standardized system, tries to gain the upper hand in iron ore price negotiations. Chinese steelmakers have begun initial 2009 contract talks with Vale and BHP Billiton. Steelmakers would prefer all prices to be standardized next year and are considering setting prices [...]
October 23, 2008
Top ten stories for October 23, 2008
1. Bloomberg.com: Rio Shares Gain on Talk Regulator May Favor BHP’s Bid
European Commission approval speculation causes Rio Tinto’s shares to gain in Sydney trading. The commission is conducting an antitrust review into whether to allow BHP Billiton’s hostile takeover of Rio to proceed. The inquiry began in July with no decision expected before the end [...]
October 22, 2008
Top ten stories for October 22, 2008
1. Reuters: US copper under $2/lb on dollar rally, China fears
Copper futures break record low, falling below $2 a pound. It is copper’s lowest price in New York futures since December 2005. Investor fears that China, the world’s largest consumer of copper, is facing an economic slowdown encouraged copper’s freefall.
2. Bloomberg.com: Xstrata says copper [...]
