BHP Billiton: Iron ore rallies on Aussie strike threat

Comment on this story

Iron ore rose from a 20-month low yesterday as BHP Billiton warned that a possible port strike in Australia would affect mining operations. Ore with 62 percent content delivered to the Chinese port of Tianjin advanced 1 percent to $98.50 (R1 025) a dry ton, data compiled by The Steel Index showed. Prices fell on Tuesday to the lowest level since September 2012. Mining operations might start winding down after two days of strike action because stocks at Port Hedland were reasonably high, BHP Billiton’s iron ore president, Jimmy Wilson, said. Industrial action may slow iron ore exports by companies including Fortescue Metals and BHP Billiton, which said the port should stay open and estimated that disruption might cost users about $94 million a day. The Maritime Union of Australia, which represents tugboat deckhands at the port, approved unlimited work stoppages of 24 hours, 48 hours and seven days on May 12. – Bloomberg

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines