Iron ore price rises on firmer steel outlook, but trade tensions cap gains
Lower Chinese steel product inventory driven by robust exports also supported iron ore prices above $100/t.
Rio Tinto will invest $371 million [(Rio Tinto share $350 million) to automate its iron ore railway in the Pilbara region of Western Australia, following successful trials. Within five years, driverless trains will be operating on most of the 1,300 km of track that serves the Pilbara operations, helping Rio Tinto meet its goal of expanding annual iron ore production to 320 Mt in 2012. (more…)
