Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
Fortescue Metals Group says no major damage was incurred across its Pilbara operations in Western Australia after Cyclone Ilsa made landfall on Friday.
“All our people are safe and well following Tropical Cyclone Ilsa. Following post cyclone assessments, no major damage has been reported across any of our Pilbara operations,” a Fortescue spokesperson told Reuters via email.
A tropical cyclone smashed into Australia’s northwest coast as a category 5 storm on Friday, setting new wind speed records. The storm largely spared populated regions including the world’s largest iron ore export hub at Port Hedland, authorities said.
(By Melanie Burton; Editing by Tom Hogue)
Comments