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.
CSN Mineração signed a contract for the purchase and sale of iron ore with Glencore.
According to the document filed with the Securities and Exchange Commission (CVM), the project foresees an export prepayment of up to a maximum value of $500 million.
The document does not provide further details about the agreement.
Earlier this month, CSN announced CAPEX of $2.6 billion for 2023-27.
With the investment, the company looks to increase its own production and the purchase of iron ore from third parties from 34Mt this year to 68Mt in 2027.
CSN Mineração is the second largest exporter of iron ore in Brazil. With more than 3 billion tonnes of certified reserves according to the Joint Ore Reserves Committee (JORC), the company owns the Casa de Pedra and Engenho mines, the Pires beneficiation complex, a stake in the MRS railroad and a captive terminal for export of iron ore in the Port of Itaguaí.
