This morning in metals news: the iron ore price is surging amid a Pilbara Ports Authority cyclone warning; Steel Dynamics shares jumped; and Rio Tinto declared a maiden ore reserve at a project in western Serbia.
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Iron ore price supported by cyclone warning off Australian coast
As Stuart Burns explained earlier this week, iron ore has been the star of 2020 in terms of upward price mobility.
The price is looking primed to make further gains. Australia’s Pilbara Ports Authority, which oversees the world’s largest iron ore export terminal, on Thursday issued cyclone alerts in which it advised it would clear the port and anchorages of the Port of Port Hedland of all large vessels.
“As of 0800 (WST), a tropical low is located some 740 kilometres/400 NM South East of Christmas Island,” the Pilbara Ports Authority wrote in its first alert Thursday.
In a subsequent alert, it announced it had completed clearing of the port and anchorages.
Steel Dynamics shares jump on Tesla report
Steel Dynamics shares jumped by as much as 3.7% this week on reports that it could be set to supply electric vehicle maker Tesla with steel for an upcoming truck model, Bloomberg reported, citing original reports by 3News and Electrek.
Rio Tinto declares maiden ore reserve
Rio Tinto declared a maiden ore reserve at its 100%-owned Jadar lithium-borates project in western Serbia.
“Pre-feasibility studies have shown that the Jadar project has the potential to produce both battery grade lithium carbonate and boric acid,” the miner said.
The miner touted the site’s proximity to the E.U. and its growing electric vehicle market.
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