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.
IXM’s co-head of refined-metals trading is leaving the company, the latest in a series of personnel changes at the trading house owned by Chinese miner CMOC Group.
Adhitya Sethaputra is departing the Geneva-based trader, leaving Tom Mackay as the sole head of refined metals. An IXM spokesperson confirmed the changes reported by Bloomberg on Friday.
He had worked at IXM since 2012 when it was the metals-trading arm of agricultural giant Louis Dreyfus Co., taking on senior roles including head of aluminum and then co-head of refined metals.
IXM, which is the third-largest metals trader behind Trafigura Group and Glencore Plc, announced earlier this year it would be pulling back from the aluminum market.
The company has undergone a period of upheaval under chief executive officer Kenny Ives, a former Glencore executive who took the helm in 2022 and has embarked on a hiring spree while cutting other jobs and reshuffling teams internally.
“We decided that a single head structure for our refined metals business will be more appropriate, even more with the winddown of our aluminum business,” the spokesperson said.
(By Mark Burton, Archie Hunter and Jack Farchy)
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