Iron Ore delivers strongest rally since 2012

Iron-ore prices jumped after BHP Billiton Ltd. curbed the pace of its expansion program, slowing the final stages of the $120 billion race by the world’s biggest producers to raise output. The price of the steelmaking raw material, trading near a 10-year low, rose 5.9 percent to $54.04 a metric ton on Wednesday, according to data from Metal Bulletin Ltd. That’s the biggest gain since October 2012. A planned $600 million project to reduce bottlenecks at Australia’s Port Hedland, the world’s biggest bulk export terminal, will be deferred, meaning BHP will miss a target of raising production to 290 million tons a year by mid-2017, the company said in a statement. Full article: (VIEW LINK)


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