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Iron Ore Giant Says Miners Have Shut Gates on New Supply

  • Fortescue Metals CEO says China market ‘very well supplied’
  • Broad feeling of the need for common sense approach to trade
Bloomberg business news
Fortescue CEO Gaines weighs in on trade tariffs, U.S. and China tensions, and talks about the demand for iron ore. (Source: Bloomberg)
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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 Ltd.

“The reality is that most of the producers, ourselves included, are not actually looking to grow supply of iron ore into China,” Fortescue Chief Executive Officer 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.”