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Iron prices to hike, says Russia’s largest producer

The Chief Executive Officer of the company, Andrey Varichev stated that, the company anticipates the price of the iron ore to increase, as the Chinese seasonal demand for iron ore is increasing. He also stated that by the end of this year, the price of the iron ore would be rising 20 to 25 percent from the current pricing.
Due to the expanding of production by the giants in iron ore, the price of iron ore is keeping on decreasing and have now reached to a five year low of 80 dollars per tonne. The CEO of the company stated that, the company is still profitable at this pricing system and is planning to operate investment projects. Metalloinvest Holding is the fifth largest iron ore mining company in the world.
The CEO of the company stated that, the current pricing of the iron ore doesn’t seem to be a catastrophe for the company, there is no significance if the price of iron ore keeps on increasing. It is high normal, if the price of iron ore is 100 dollars per tonne.

From the company’s Mikhalovsky mine and Lebedinsky mine located in Russia produced about 38.4 million tonnes of iron ore last year. The company is planning on building third hot briquetted iron complex at Lebedinsky, whose per year capacity would be 1.8 million tonnes, and for the implementation of this project the company may need billions of rubles as an investment.

Source:Scrap Monster

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