Iron Ore Majors Boosting Supply as Glut, China Sink Prices

Global iron ore supplies are set to expand further as the world’s biggest producers press on with capacity expansions, raising shipments of the steel-making raw material into a market facing a record surplus and sinking prices.

Net supplies will increase about 60 million to 75 million metric tons in 2015, in line with a 75 million ton rise in 2014, as mine expansions in Australia and Brazil more than offset closures in China, according to Sanford C. Bernstein & Co. Morgan Stanley predicts a net rise of 63 million tons this year, with production expected to peak in September to October.