Iron-ore miner BHP Group and steelmaker Posco have signed a memorandum of understanding to advance hydrogen-based ironmaking technology as part of efforts to decarbonise the steel sector, the companies said last week.

The Simandou project in Guinea threatens to further change the dynamics of the iron ore market, which is already facing an uncertain future in terms of demand, writes Bloomberg.

The Simandou deposit has an iron content that averages above 65%, making it one of the highest and most prized grades in the world.

Sao Paulo-traded shares of Vale rose about 2% on Friday.

The total investment in the construction of the enterprise amounted to 30.4 billion tenge ($57.5 million).

Currently, the supply side continues to be tight, and domestic crude calcium inventories remain low

Both production and domestic demand have decreased noticeably compared to 2024, while the share of imports in total consumption remains high.

ASX-listed Mineral Resources (MinRes) reported on Thursday that the Onslow Iron project in Western Australia had reached nameplate capacity of 35-million tonnes a year.