Australia and Brazil, the world’s largest iron ore suppliers, will likely to raise their combined share of seaborne supply to over 90 percent, according to media reports.
Citing data from the Macquarie Group, reports say the two countries are expected to raise their global share to 79 percent in 2015 from 73 percent last year. The combined market share should be reached by 2020, according to the bank.
“Iron ore has proved itself to be an extremely efficient market -- as low-cost supply has become increasingly available, higher-cost marginal supply has made a hasty exit,” Macquarie said.