Russell: Iron ore makes unruly retreat to more normal price levels
Overall, the market appears to be more in evenly balanced than earlier in the year, when supply was disrupted and China’s steel production was hitting monthly records.
Freeport agreed in August to divest a 51% stake in Grasberg to local interests in return for full operational control until 2041 plus fiscal and legal guarantees, but a final deal has still to be reached.
Overall, September iron ore shipments from the world's biggest export terminal for the steelmaking raw material increased to 43.4 million tonnes from 42.8 million in August.
Roy Cimatu, who replaced ousted ecologist Regina Lopez in May, has said he would review evidence brought forward by mining companies and communities before deciding whether to keep, modify, or reverse his predecessor's measures.