Fortescue chief executive officer Elizabeth Gaines has said in an interview with Bloomberg TV that global iron ore miners will not be adding new capacities, as China, the world’s largest iron ore consumer, is already well-supplied.
“The reality is that most of the producers, ourselves included, are not actually looking to grow supply of iron ore into China. The market is very well supplied and the build-up of inventory at the ports is an indication of that. Nobody is looking at adding new supply into the market,” the Fortescue CEO said.
According to a quarterly report by the Australian Government Department of Industry, Innovation and Science, iron ore prices are forecast to average at $61.8/mt for 2018 and $51/mt for 2019.
