Iron ore markets head for shake-up as Singapore-linked Simandou nears production
As China’s iron ore appetite wanes, Simandou’s looming supply surge threatens to upend trade flows
Add BT as a preferred source
[SINGAPORE] Global iron ore trade is facing a pivotal shift as Simandou, a massive iron ore mine in Guinea being developed by a Singapore conglomerate, is about to ramp up supply of the ferrous mineral.
Estimated at 2.4 billion tonnes of high-grade iron ore as one of the world’s richest untapped deposits, and projected to start production by end-2025, Simandou is a strategic project for China as it aims to diversify its suppliers from Australia and Brazil – the two countries together account for about 80 per cent of seaborne iron ore exports.
As a long-anticipated supply disruptor, the project is closely monitored by the iron ore industry, which is also betting on India to absorb demand lost in China, based on panel discussions during the Singapore International Ferrous Week last week.
TRENDING NOW
Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal
Ohmyhome Ltd sells real estate business for token US$1 due to poor business and continued losses
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
