Iron ore price, page-34805

· Metals: Copper -1.2% to $4.33lb, iron ore -0.54% to US$183.15/t

· Energy: Brent crude -3.0% to US$70.2/bbl, WTI -3.4% to US$68.2/bbl

· Keyovernight stock moves: BHP LND +0.2%, Rio Tinto LND +0.2%, S32 (LDN) 0.0%, Anglo +1.5%, Glencore -0.2%, Vale -0.2%, Shell -1.1%, BP -1.0%, Exxon -2.3%, Chevron -2.2%, ConocoPhillips -3.0%

· GlobalIndices: S&P 500 -0.46%, DOW -0.92% & FTSE +0.26%

Australia’s richest person Gina Rinehart has joined ironore’s dividend party, taking home more than $1 billion for a three-month periodas her Roy Hill operation aims to increase exports to 70 million tonnes peryear. Roy Hill switched to paying quarterly dividends earlier this year in a bid to ease the financial burden that high iron ore prices were wreaking on its Asian steelmaking shareholders POSCO and China Steel Corporation. (AFR)

Iron ore futures edged lower in Singapore as the marketbraced for more output cuts at Chinese steel mills, even as the nation’s topleadership softened its tone on climate ambitions. China’s efforts to cap steel production from last year’s record haven’t been successful so far, with output up 12% in the first half. That’s adding weight to expectations of more significant curbs through rest of the year, and clouding the demand outlook for iron ore. The nation’s top industry body, China Iron & Steel Association, has also said there will be more notable reductions in crude steel output along with government-led environmental checks. (Bloomberg)

The lucrative resources industry is holding its breathafter a worker at Fortescue Metals Groups’ Cloudbreak iron ore mine testedpositive for COVID-19. West Australian authorities think the contractor may have crossed paths with a known positive case from Queensland while at Perth Airport’s terminal 3 fly-in, fly-out hub, which is used by workers from mines all over the state. (AFR)

An influential institutional investor group with assetsof $55tn under management has begun to step up pressure on the steel industryover its failure to make progress on reaching climate change goals. The Climate Action 100+ coalition said steel producers were “not on track” to meet the 91 per cent cut in carbon emissions needed by 2050 if the world was to reach a net zero goal necessary to curb global warming. Just nine leading steel companies — China Baowu, ArcelorMittal, Nippon Steel, China’s HBIS, Posco, US Steel, Thyssenkrupp, SSAB and Outokumpu — have committed to achieving net zero emission targets. There were 107 steel companies that produced more than 3m tonnes of steel last year, according to the World Steel Association, a trade body. (Financial Times)