Fortescue says miners have shut gates on new iron-ore supply

Global iron-ore miners have turned off the tap on adding new production capacity to feed China’s steel mills as the world’s largest customer is already awash with supplies, according to Fortescue Metals Group. “The reality is that most of the producers, ourselves included, are not actually looking to grow supply of iron ore into China,” Fortescue CEO Elizabeth Gaines said in a Bloomberg TV interview. “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.”