Rio expects 75Mt of new supply to enter iron-ore market this year

Mining major Rio Tinto expected some 75-million tonnes of new iron-ore supply to come into the market during 2016, forcing further high-cost suppliers to exit the market. The company’s Pilbara Mines MD, Michael Gollschewski, told delegates at the Global Iron Ore & Steel Forecast conference, in Perth, that in 2015, about 110-million tonnes of new low-cost seaborne supply entered the market, with some 130-milllion tonnes exiting the contestable market, of which 35-million tonnes came from China.