Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
Global commodities trader Glencore asked a Moscow court on Tuesday to stop hearings relating to a 117 million euros ($123 million) lawsuit by Russia’s largest lender, Sberbank, over unpaid oil supplies and move the deliberation to Singapore.
According to the database of Moscow Arbitration Court, Sberbank was seeking to recover debt and penalties from Glencore Energy UK Ltd over two agreements, worth roughly 58 million euros each.
One related to oil blend supplies to the border of Ukraine and Hungary in March, and the other to supplies to the border of Ukraine and Slovakia in the same month.
“We have a petition to leave the claim without consideration as the sides have… mandatory agreement to consider all the disputes in Singapore’s arbitration,” a Glencore legal representative told the court.
The judge ruled to adjourn the hearings until Dec. 13.
Representatives for Sberbank in the court declined to comment.
($1 = 0.9506 euros)
(By Vladimir Soldatkin; Editing by Bernadette Baum)
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