SMM Morning Meeting Minutes: LME copper opened at $13,270/mt overnight, initially testing the low at $13,252/mt, after which copper prices fluctuated upward, hitting a high of $13,526/mt and hovering at highs, eventually closing at $13,410/mt, up 3.95%. Trading volume reached 38,000 lots, down 10,550 lots from the previous session; open interest stood at 326,000 lots, down 1,276 lots from the previous session, reflecting overall bear position reduction. The most-traded SHFE copper contract 2603 opened at 104,950 yuan/mt overnight, initially testing the high at 105,800 yuan/mt, after which the center declined to test the low at 104,440 yuan/mt, fluctuating rangebound overall, and eventually closed at 105,180 yuan/mt, up 3.49%. Trading volume reached 129,000 lots, down 246,000 lots from the previous session; open interest stood at 192,000 lots, up 35 lots from the previous session, reflecting overall bull position increase.

【SMM News Flash】With the Viscaria copper mine expected to resume operations by 2028, copper mining activities are returning to Kiruna, the northernmost town in Sweden. The Viscaria copper mine operated from 1983 to 1997, initially managed by the state-owned iron ore mining company LKAB and later taken over by Outokumpu. Although the Viscaria copper mine is a brownfield site, Jorgen Olsson, CEO of Viscaria, stated that it is one of the fastest-growing copper deposits in Europe, and ongoing exploration has uncovered additional mineral resources beneath the mine.

Recently, Steel Authority of India Limited (SAIL) signed a Mining Services Agreement with engineering services firm Kalinga Commercial Corporation Ltd, entrusting Kalinga with the development and operation of the Rowghat iron ore project in Chhattisgarh, which has a capacity of 14 million mt per year. The long-term contract spans 28 years, including an initial three-year construction period. Under the agreement, Kalinga will be fully responsible for mine development, infrastructure construction, and subsequent operations. The project is expected to significantly enhance SAIL’s integrated steel mills’ security, providing critical support for the steel giant’s continuous production and long-term raw material stability. Earlier, SAIL’s Rourkela Steel Plant signed a major agreement with Adani Enterprises Limited to develop and expand the Taldih iron ore mine. This partnership also adopts a mine-developer-and-operator model and is expected to raise Taldih mine’s capacity from 2 million mt to 7 million mt per year. The project includes new plants and supporting infrastructure, scheduled for completion by the end of 2026. Mining operations are expected to begin in 2027 and continue for 25 years. Currently, under SAIL’s management, Taldih mine relies on mobile crushing and screening equipment and small earthmoving machinery for production. SAIL is India’s third-largest producer, after NMDC and Tata Steel, operating 15 iron ore mines located in Jharkhand, Odisha, and Chhattisgarh, managed by Bokaro Steel Plant (BSL), Rourkela Steel Plant (RSP), and Bhilai Steel Plant (BSP) respectively to meet the raw material needs of all SAIL steel mills. Earlier this year, several Indian media outlets reported that the Ministry of Steel is considering establishing a dedicated mining business unit within SAIL to boost iron ore production. The move aims to support SAIL’s target of increasing steel capacity to 35 million mt per year by 2030.

Dazhong Mining Accelerates the Formation of an 'Iron Ore + Lithium Ore' Dual-Driven Strategy

On April 24, Indian Prime Minister Narendra Modi called for accelerating the mining of undeveloped greenfield iron ore mines to increase domestic steel production. In his video address at the "India Steel 2025" event, Modi emphasized that the steel industry needs to unite to build a "resilient, revolutionary, and steel-strong India.

According to the information released on March 5, 2025, Metinvest investment company is expected to double its investment in iron ore mining enterprises (GOKs) in 2025, with a total amount reaching 5.7 billion Ukrainian hryvnias (approximately $137 million), focusing on energy self-sufficiency, production stability, and sustainable development. An investment of 1.3 billion hryvnias ($31 million) is planned for the construction of facilities at the Northern and Central iron ore mining enterprises.

◾ Guinea commits to exporting the first batch of iron ore from the Simandou project to the global market by the end of 2025. Currently, the construction progress of the Simandou project has exceeded 50%. Global attention is focused on Simandou iron ore, anticipating the first batch of iron ore exports before the end of this year. ◾ However, what other iron ore resources around Simandou are worth anticipating? ◾ In fact, as early as March last year, the first shipment of Guinean ore carried by SUMEC successfully arrived at Lianyungang. According to SMM, the ore shipped back to China in 2024 was raw ore with an iron grade of around 47-48%. A total of three shipments, approximately 160,000 mt, were delivered throughout the year. This ore is associated with bauxite, resulting in high aluminum content but low sulfur and phosphorus content. ◾ Additionally, due to the high cost of raw ore and poor market conditions, the coarse ore shipped back last year was mainly processed into concentrates through beneficiation plants before being sold. The grade of these concentrates can reach around 62%. This year, iron ore concentrates are planned to be transported back to China. However, as the beneficiation plant equipment in Guinea was only commissioned in October last year, the shipment of iron ore concentrates this year may be delayed. ◾ Guinea has abundant iron ore resources with high grades (over 45%), low development levels, and predominantly open-pit mines, making them easy to extract. The proven iron ore resources mainly include Simandou, Zogota, Nimba, and Kalia mining areas. With global investment and mining companies accelerating development, the gradual release of capacity in the coming years is expected to reshape the global iron ore market landscape. The following outlines the development progress of local iron ore resources in Guinea. 1. Yomboyeli, Guinea's Only Operating Iron Ore Mine ◾ Yomboyeli (formerly known as Forecariah) is a small mine located in the Kindia region of Guinea. The mine primarily produces bauxite, with associated iron ore. Its iron ore products include DSO and fines. Due to its proximity to ports, exports are relatively convenient. However, due to market conditions and operational issues, the mine's production and sales are often intermittent. Source: Public channels; SMM 2. Kon Kweni Iron Ore, Bringing 210 Million mt of High-Grade Iron Ore ◾ The Nimba iron ore deposit is sufficiently rich, and its development is currently led by two main companies: Ivanhoe Atlantic and NDC. ◾ Background: Ivanhoe Atlantic benefits from a bilateral implementation agreement approved by the governments of Liberia and Guinea in 2021, allowing iron ore mined in Guinea to be transported through Liberia. With the approval of the Mining Convention and mining licenses, Ivanhoe Atlantic is completing all necessary approvals and will begin construction in 2025. ◾ Progress: In May 2024, Ivanhoe Atlantic received approval for the environmental and social impact assessment process for the first phase of development from Guinea's Ministry of Environment and Sustainable Development. Currently, the company is drafting the development plan and timetable for the Nimba iron ore project, with a final investment decision expected in Q1 2025. During the initial phase of iron ore mining, annual production is expected to be around 2-5 million mt, with plans to expand annual production to 30 million mt within 5-7 years. Over the next 15-25 years, approximately 450 million mt of iron ore is expected to be mined. Note: SMFG is a subsidiary of Ivanhoe Atlantic. Ivanhoe Atlantic's major shareholder is I-Pulse Inc., a US company founded and chaired by Mr. Robert Friedland. Source: Ivanhoe Atlantic; SMM 3. NDC Participates in Nimba Iron Ore Development, Expected to Contribute 3 Million mt of DSO Annually ◾ Due to the rich iron ore resources in the Nimba region, in addition to Ivanhoe Atlantic, another iron ore project led by Nimba Development Company (NDC) is also under development. This project was proposed earlier and approved in 2012, but it has not yet been officially put into production. ◾ In 2022, NDC, a company focused on West African resource development, took control of SDN (Société de Développement Nimba), formerly Zali Mining and previously West African Exploration. According to NDC, once developed, this project will export through Liberian ports. The project is located only 26 km from Liberia's existing Tokadeh railway and 800 km from the capital, Conakry. ◾ Additionally, SMFG and Ivanhoe Liberia have clarified that they have no connection with NDC. NDC is reportedly seeking to develop a small satellite deposit in the southeastern lowlands of the Nimba mountain range, with no association between the two parties. Note: NDC is a UK-registered company with a management team experienced in international mining. Its shareholders include companies from Guinea and other international entities. Source: NDC; SMM; Public channels 4. Niron Metals Continues Developing Zogota Iron Ore ◾ Near Simandou's northern blocks 1 and 2, there is a small mining area called Zogota, located in Kobela County in southern Guinea. Historically, Vale and BSGR developed it, but it was shelved for years due to legal disputes. The project is now being redeveloped by Niron Metals. Note: Niron Metals is a UK-based private investment company affiliated with BSGR. Source: Niron Metals; SMM; Public channels 5. Kalia Iron Ore Development Taken Over by Australia's Stella Vista ◾ The Kalia deposit has a resource volume of 6.16 billion mt of magnetite. The magnetite concentrate produced has a grade of over 67%, making it suitable for pellets and direct reduced iron. With the drive for low-carbon metallurgy in the future, the product has a broad market. The project also includes a previously identified but unexplored laterite nickel deposit, which overlays the iron ore deposit. ◾ Before 2022, Kalia iron ore was owned by Bellzone Mining, which invested over $350 million to upgrade resources, increasing the project's resource volume from 240 million mt to 374 million mt in 2010 and over 600 million mt in 2011. ◾ In 2022, Kalia iron ore's ownership primarily transferred to Stella Vista. According to the latest updates, the project adopts open-pit mining with an annual production of 7 million mt. The initial product is coarse ore with a grade of 58-60%, and later beneficiation will produce concentrates with a grade of 67-68%, with annual production reaching 10 million mt or more. ◾ Additionally, as the Kalia project is about 350 km from Guinea's coast, a railway to the export port is also planned. Previously, China International Fund Limited and Bellzone signed a binding memorandum of understanding to fund infrastructure for the Kalia project, including a 286 km railway and port facilities, granting the company 100% offtake rights for the project's output. However, with Stella Vista's new acquisition, infrastructure and future offtake arrangements may change. Note: Stella Vista is an Australian private company under Millennium Panorama Group (MPGL), led by executives from FMG, Sirius Minerals, Bowen Coking Coal, and Coal of Africa. Source: Stella Vista; SMM; Public channels 6. Arrow Minerals Partners with Baosteel to Accelerate Development of Simandou North Iron Ore Project ◾ In addition to the well-known Simandou blocks 1, 2, 3, and 4, the Simandou North iron ore project has also attracted investor interest. Using a simple wet gravity beneficiation process, the fines content can reach 61-64%, with low alumina content of less than 0.5%. Moreover, during exploration in 2023, some surface ore grades were found to be as high as 63%. ◾ Due to Arrow Minerals' limited development capacity, the company signed a non-binding memorandum of understanding with Baosteel Resources in October 2024. According to Arrow Minerals' statement, the Simandou North iron ore project will supply iron ore to Baosteel Resources. However, the memorandum is non-binding and serves as an initial step toward further negotiations for binding sales contracts. Source: Arrow Minerals; SMM; Public channels Most Iron Ore Will Be Exported Through Guinea's Ports, but Nimba and Zogota May Use Liberian Ports in the Future ◾ Guinea's iron ore is generally shipped from domestic ports. However, Nimba iron ore may be exported through Liberian and Ivorian ports due to its location near Guinea's border. Exporting iron ore from Guinea's Conakry port would require significant investment to build a railway across the country. ◾ Nimba currently plans a railway extension to connect the Nimba region with Liberia's existing Tokadeh railway and Buchanan port, enabling future exports through Liberian ports. Additionally, as the Nimba iron ore project is only 65 km from Liberia's railway, Ivanhoe Atlantic plans to rehabilitate the abandoned Yekepa railway for easier transport to Buchanan port. ◾ Furthermore, ArcelorMittal owns mines in Liberia, with production in the past two years maintaining levels of 4.5 million mt and 3.6 million mt, respectively. Previously, a railway route from Nimba iron ore to Buchanan port was damaged during Liberia's civil war but was later repaired and used by ArcelorMittal. Therefore, Nimba iron ore may also fully utilize ArcelorMittal's current railway. ◾ Zogota iron ore, due to its proximity to Nimba, may also be exported through Liberian ports if approved by the government. ◾ The export of Kalia iron ore mainly relies on western ports, utilizing Guinea's national railway. Yomboyeli, being close to multiple seaports, has more options and greater convenience for exports. ◾ The Simandou North project, being adjacent to Simandou blocks 1 and 2, may share railway transportation in the future, creating operational synergies. Source: Company announcements; SMM; Public channels With Guinea's Resource Development, Annual Iron Ore Supply May Exceed 50 Million mt in the Future ◼ With the development of multiple mining resources in Guinea, annual iron ore supply may exceed 50 million mt in the future. Almost all of Guinea's iron ore resources are for export, contributing significantly to global iron ore supply growth. ◼ Moreover, Guinea's iron ore resources are mainly medium- to high-grade, with raw ore grades ranging from 56-65%, and beneficiated concentrates reaching grades as high as 67-68%. Notably, Nimba iron ore will produce 200 million mt of iron ore with a grade of around 68%, greatly contributing to the global demand for low-carbon metallurgy. ◼ By type, Guinea's iron ore resources are primarily hematite, with some goethite and magnetite. However, high-grade ores are mainly contributed by hematite. Contact Us SMM Ferrous Consulting continues to work with ferrous industry chain enterprises on overseas investment projects and project evaluations, including steel, iron ore, coke, and end-use industries. Based on a robust industry database and extensive network resources, we are dedicated to providing upstream, midstream, and downstream industry chain consulting services to our clients. Our services include market supply and demand research and forecasting, market entry strategies, competitor cost analysis, and more, covering iron ore, coal, coke, steel, and end-use industries. SMM Black has successfully served >300 Fortune Global 500 companies, China 500 companies, central state-owned enterprises, state-owned enterprises, publicly listed firms, and startups. For more industry information, please contact: *This report is an original work and/or compilation created by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM") and is protected by copyright law under the Copyright Law of the People's Republic of China and other applicable laws, regulations, and international treaties. Without written permission, no part of this content may be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to third parties or licensed for third-party use in any form. Upon discovery of any infringement, SMM will take legal action to pursue liability, including but not limited to demanding compensation for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses. The content of this report, including but not limited to information, articles, data, charts, images, audio, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all other information, is protected under the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and other applicable laws, regulations, and international treaties concerning copyright, trademark rights, domain name rights, commercial data information rights, and other legal rights. All rights are owned or held by SMM and its related rights holders. Without written permission, no institution or individual may reproduce, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose this content to third parties or license it for third-party use in any form. Upon discovery of any infringement, SMM will take legal action to pursue liability, including but not limited to demanding compensation for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses.

Russia's iron ore reserves are extremely abundant, with proven reserves of approximately 25 billion mt, accounting for 16.5% of the world's total reserves, ranking third globally.

Mineral Resources (hereinafter referred to as MinRes) has shut down its Yilgarn iron ore mining operations in Western Australia, transitioning them into care and maintenance mode. Mining and transportation at the core Koolyanobbing iron ore mine within the Yilgarn operations concluded in early December 2024, while mining and transportation at other sites ceased by December 25. On June 20, 2024, MinRes released an update on its Yilgarn iron ore operations. Following a comprehensive feasibility assessment, it was determined that the Yilgarn operations would no longer remain economically viable after the end of 2024. Consequently, MinRes is expected to cease iron ore transportation from the Yilgarn operations by December 31, 2024. With the closure of the Yilgarn operations, the company will shift its focus to the development of its Onslow iron ore project in Western Australia, which is expected to have an annual iron ore capacity of 35 million mt , significantly ensuring MinRes' iron ore production. The Yilgarn iron ore operations include the Koolyanobbing, Mt Jackson, Windarling, Parker Range, and Carina mines. Due to the limited mine life within the Yilgarn operations and the substantial investment required to develop new resources, MinRes has decided to cease operations in this region. Since MinRes began operating the Koolyanobbing mine in 2018, the company has exported nearly 45 million mt of iron ore through the Port of Esperance and invested approximately 4.2 billion yuan in the Yilgarn operations.

Iron Ore plays a pivotal role in the global economy, being a vital resource for various industries. Understanding the Iron Ore Price evolution is crucial for stakeholders to navigate market dynamics effectively. This blog provides a comprehensive exploration of historical trends, recent developments, and future projections in the Iron Ore Price landscape. By delving into these insights, readers can gain valuable perspectives on the significance of Iron Ore in shaping economic landscapes worldwide.