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