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.
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.
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.