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Despite market conditions and endless reports announcing the end the so-called mining boom, Australia’s iron ore miners managed to add over $65 billion to their value this financial year, reports The Australian.
The gains come as iron ore prices have defied expectations, remaining above $130 a tonne, and confidence grows in the strength of prices of Australia’s biggest export.
The steel-making material is up 23% from its 2013 lows struck at the end of May, as Chinese spending on infrastructure boosted Australian iron ore exports to record highs.
The price surge has benefitted giant and medium producers alike. BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO), for instance, have seen their shares jumping 25% and 21% respectively.
But the is rest of Australia’s iron ore players, which seem to be the big winners. Mount Gibson Iron’s (ASX:MGX) has gained a whooping 111% since June 30, Arrium’s (ASX:ARI) has climbed 93% and Fortescue Metals Group (ASX:FMG) has risen 92%.
The iron ore price revival comes after a recent report from the World Steel Association showed global crude steel production in September rose to a rate of 4.42 million tonnes per day — a strong 4.6% month-on-month surge and 6.1% jump over last year’s figures.
2 Comments
Gary
Around May this year the “expert” market analysts predicted that Iron Ore would be $90/ton at the end of this year. I made a note of it.
I wonder what they would predict the price to be now?. Mind you it makes little difference as their predictions never come about anyway.
Belieber
Believe the line, “The gains come as iron ore prices have defied expectations, remaining above $130 billion a tonne” should in fact read $130 a tonne?