BHP Billiton, the world's largest mining company, needs extra vessels to ship iron ore from its mines in Australia's Pilbara region to China because of increased production.
"Extra tons are hitting the market and we therefore require extra ships,'' a spokeswoman for the Melbourne based company said this week.
BHP chartered 17 ships and may be using them to sell more iron ore while Chinese buyers boycott rival Rio Tinto Group, it was reported today. BHP and Rio are negotiating with Asian steel mills for a sixth straight increase in ore prices as demand for the steelmaking raw material rises.
BHP’s spokeswoman said the company is delivering 100 percent of contracted ore to customers, she said.
Source: Bloomberg
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