Global Iron Ore Market Faces Deficit, Mining Billionaire Forrest Warns

‘We do have to face the reality,’ Fortescue’s founder says
Spot prices set for quarterly rally after Vale’s disruptions

Fortescue’s Forrest discusses the Vale tragedy, the deficit in iron ore, his projects, and the U.S.-China trade spat.(Source: Bloomberg)

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Krystal Chia and Tom Mackenzie

March 27, 2019 at 2:09 AM UTC

Updated on

March 27, 2019 at 8:14 AM UTC

This article is for subscribers only.

The global iron ore market is likely to have a shortfall following the dam spill and mine curtailments at top supplier Vale SA, according to Fortescue Metals Group Ltd. founder Andrew Forrest, who cautioned that other producers face constraints in boosting output.

“We do have to face the reality of a potential deficit,” Forrest said in a Bloomberg Television interview at the Boao Forum in Hainan province. While the Australian miner is “looking very hard” at how it can help customers, it can’t guarantee it’ll be able to help fill the deficit, according to Forrest.