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Top miners raise iron ore supplies, drag prices down

Nov 21 2012, 03:54 IST
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SummaryTop global miners —Vale, Rio Tinto and BHP Billiton —raised iron ore supplies in the spot market on Tuesday, driving down the swap rates after prices hit their lowest in two weeks on Monday.

average daily crude steel production inched up 1.6% to 1.95 million tonnes for the first 10 days of this month from the preceding period, as mills pushed up output on a recent rally in steel prices from September lows.

However, traders say, given the gloomy growth outlook across the US and Europe, iron ore may pare down some gains if China maintain status quo in policy-making.

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