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 commodity trader Trafigura on Friday said it has signed a $140 million investment agreement with Korea Zinc to build an all-in-one nickel refinery in Ulsan, South Korea, and finance its initial working capital.
The refinery will be capable of processing a range of feedstocks including nickel matte and mixed hydroxide precipitate (MHP) using an integrated pyro-hydro process, the release said.
Korea Zinc is set to establish the refinery through its nickel sulfate subsidiary, Korea Energy Materials (KEMCO) and Trafigura will secure a 12.9% stake in KEMCO as part of the agreement.
The two companies also entered a long-term agreement to secure a reliable supply of feedstock for the refinery.
Under the contract, the amount of nickel to be supplied by Trafigura will range from about 20,000-40,000 metric tons per annum and the company will also have an off-take right in relation to the feedstock contract.
(By Ashitha Shivaprasad and Swati Verma; Editing by David Goodman)
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