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India joins iron ore output surge
2014/12/31 10:18:11

China already consumes more than two-thirds of the 1.2 billion seaborne trade, a proportion that continues to rise.

The price of iron ore, down nearly 50% this year, slid to a fresh 2009 low on Wednesday after worries about Chinese demand added to already negative sentiment on the back of a supply surge.

Top producer Vale plans to boost Brazilian output to 450 million tonnes by 2018 from 306 million last year while Rio Tinto is well on its way to reach 360 million tonnes in the next few years. BHP Billiton' is on target to grow capacity to 290 million tonnes per year by mid-2017.

Now another source of cheap ore could enter the market

India's steel ministry today said that state owned mining company National Mineral Development Corp will raise output to over 75 million tonnes per annum by the 2018-2019 financial year. The target for 2020-2021 is more than 100 million tonnes per year.