Demand for Fortescue’s products has remained strong all year. This is the result of steel mill profitability as well as the consistent quality of delivered product and the low variability of Fortescue ores.

Iron-ore junior Magnum Mining & Exploration will evaluate stockpiles at its Buena Vista project, in Nevada, as potential mill feed.

Spot activity for hot-rolled coil remains muted, limiting upside for primes and shred despite weak flows. Overall trend consensus remains little changed, up to 63% in August from 60% in July.

This year-to-date rise in scrap exports comes despite rumors of market resistance in Japan to the practice of exporting higher grades of material.

This year-to-date rise in scrap exports comes despite rumors of market resistance in Japan to the practice of exporting higher grades of material.

“The demand for that type of steel is going to far outpace the supply of that material,” he added.

A scoping study into the Buena Vista iron-ore project, in Nevada, has estimated that the project could produce 1.6-million tonnes a year of concentrate over a mine life of 25 years.

These sites are projected to reduce CO2 emissions per metric ton of raw coal by over 20 percent compared to 2020 levels, and achieve net-zero emissions by 2030.