Iron ore prices fall on increasing supply from miners
Iron ore shipments from Australia and Brazil stood at 26.14 million tonnes last week, up by 1.1 million tonnes from the week earlier, data from Mysteel consultancy showed.
Capital expenditure among the 10 largest metals and mining companies is forecast to advance to about $35 billion this year, the first annual rise since 2013.
Brazil's Vale SA , the world's largest iron ore producer, on Wednesday posted $1.408 billion in third-quarter net income, below the 2.23 billion a year-ago.
Aussie mining tycoon Clive Palmer is being sued by China’s largest conglomerate, CITIC, over his alleged “refusal” to co-operate in making more land available on a major iron ore project in Western Australia.
The world's no.1 heavy machinery maker reported third-quarter earnings that topped analysts’ estimates, but said the ongoing trade dispute resulted in $40 million in extra costs for materials in the period.