ArcelorMittal, Glencore Interested in Guinean Simandou Iron Ore Mine

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ArcelorMittal and Glencore are among potential bidders for Guinea’s Simandou project, the world’s largest untapped iron-ore deposit, after it was seized from Israeli billionaire Beny Steinmetz in April, people familiar with the matter told Bloomberg News this week.

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ArcelorMittal, the world’s largest steelmaker, declared an interest in the bidding process for two licenses covering Simandou, according to Bloomberg’s sources. Glencore is also interested, they said.

Simandou is a remote, iron-bearing mountain range. Prices for iron ore have increased 50% since 2008.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.11) and a low price of CNY 830.00 ($134.49) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,380 ($547.67) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($225.22) per metric ton.

Also on the LME, the steel billet cash price saw little movement on Thursday at $420.00 per metric ton. For the fifth consecutive day, the 3-month price of steel billet held flat on the LME at $425.00 per metric ton.

The spot price of the US HRC futures contract fell 0.7 percent on Thursday to $665.00 per short ton. The US HRC futures contract 3-month price remained essentially flat at $641.00 per short ton.

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