Say goodbye to Yarrie Mine for now. “BHP Billiton said on Tuesday it will suspend production at its Yarrie iron ore mine indefinitely as part of its drive to cut costs,” reports Reuters.
“’As an additional productivity measure for the iron ore business, we have made the decision to suspend production at our Yarrie operation until further notice,’ BHP’s iron ore president, Jimmy Wilson, said in a statement.”
“BHP confirmed an earlier announcement by contractor Macmahon Holdings that BHP would take over running its Orebody 18, the last iron ore site still run by a contractor, by the end of June.”
In metal price news for steel…
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC remained essentially flat. For the fifth day in a row, the price of Chinese coking coal remained essentially flat.
The steel billet cash price remained essentially flat at $355.00 per metric ton on the LME. The steel billet 3-month price saw essentially no change on the LME for the fifth day in a row, remaining around $360.00 per metric ton.
The US HRC futures contract 3-month price held steady around $623.00 per short ton. For the fifth consecutive day, the US HRC futures contract spot price held flat at $655.00 per short ton.