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.
Ukraine-focused miner Ferrexpo Plc said on Tuesday its production has been temporarily suspended after Russian missile attacks damaged state-owned electrical infrastructure.
Russian missiles hit targets across Ukraine killing 14 people and wounding 97 on Monday, emergency services said, as they tore into intersections, parks and tourist sites.
Ferrexpo, the world’s third-largest exporter of iron ore pellets, has its operations in Ukraine and been facing disruptions since the start of the Russia-Ukraine conflict earlier this year.
“Limited power supply is available at the group’s operations, which are being prioritised for critical equipment required for essential services and local communities,” the miner said in a statement.
Ferrexpo said it currently had sufficient stocks of its products to meet expected sales volumes.
An assessment of the damage incurred to electrical infrastructure and an estimate of the period of production downtime are on, the company said.
(By Aby Jose Koilparambil; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)
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