Ann: GRR - Quarterly Report for 3 months ended 30 June 2021, page-80

Reason for MUCH optimism ......

Source: Trading Economics 22/7/21

	Iron Ore	217.00	4.00	-1.81%	233.89	245.86	258.46	271.69

JUSTIFICATION OFFERED
(USD/t)

Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin remained near $220 per tonne in July, close to a record high of $232 reached on May 12th supported by strong demand from the steel industry and concerns over supply. The world’s biggest producer Rio Tinto is struggling to meet production targets amid heavy rain, labour shortages and a new approach to cultural heritage; and No 2 producer Vale reported less than expected output in the last quarter and is also grappling to achieve its 2021 production forecast due to delays to the restart of several operations. Also, Anglo American lowered its iron ore sales guidance amid rail constraints and adverse weather in South Africa; while Global miner BHP flagged a major maintenance campaign would be conducted during the next three months at the key iron ore loading facility at Port Hedland.