Iron ore giants to boost supply despite surplus
Mine expansions in Brazil, Australia more than offset China closures; 2015 supply to rise to 75m tonnes
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GLOBAL iron ore supplies are set to expand further as the world's biggest producers press on with capacity expansions, raising shipments of the steel-making raw material into a market facing a record surplus and sinking prices.
Net supplies will increase about 60 million to 75 million tonnes in 2015, in line with a 75 million tonne rise in 2014, as mine expansions in Australia and Brazil more than offset closures in China, according to Sanford C Bernstein & Co. Morgan Stanley predicts a net rise of 63 million tonnes this year, with production expected to peak in September to October.
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