Australia’s iron ore miners exploit supply gap as Covid-19 hobbles rivals

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Australia’s listed iron ore producers are reaping multibillion-dollar rewards as coronavirus prevents rivals from capitalising on China’s insatiable appetite for the key ingredient of steel. BHP, Rio Tinto and Fortescue Metals Group said innovative technology, an adaptive workforce and government policy have allowed them to avoid the crises elsewhere that have hampered competitors and helped propel prices above $100 a tonne. With the iron ore sector in other big exporting nations such as Brazil and South Africa badly disrupted, the Australian companies are shipping record volumes to China, where demand has remained buoyant and is tipped to grow as the nation’s lockdown eases and its economy rebounds.

SOURCE: https://finance.yahoo.com/m/7cc75c13-5c1f-364d-a0fc-ba9805ad4c83/australia%E2%80%99s-iron-ore-miners.html?.tsrc=rss

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