Iron ore manual
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The low alumina alternative from Hamersley Iron
Hamersley Iron's ongoing commitment to supplying the world's steel makers with the products which they
require continues with the development of a sixth mine, Yandicoogina (HIY) in north western Australia. The
first HIY fines product will be ready for shipping in 1999 and will provide customers with a high value, low
alumina ore to complement existing high quality lump and fines products.
The A$700 million Yandi development will include construction of a single open pit mine, a three stage
crushing and screening plant, a 147 kilometre extension of the existing Hamersley railway and expansion of
port facilities at Dampier. The initial installed capacity will be 15Mt per year, with production levels in line
with market demand.
As part of the plan for the development of HIY,Hamersley reached an historic land use and access agreement
with the Gumala Aboriginal Corporation and 13 native title claimants in the area. The agreement includes
potential access for mineral exploration over an area of 26,000 square kilometres and commits Hamersley
to making contributions over the life of the mine to a community development trust fund.
Hamersley Iron has a proven track record as one of the world's most reliable and competitive suppliers of
high quality iron are. Through innovative techniques, efficient production, effective management and the
highest levels of quality and service, the company will continue to provide benefits and advantages to
customers.
Hamersley's corporate mission is to be the supplier of choice to the world's steel makers - now and in the
next millennium.
Heaven knows why people
still call us a trading company:
It's true that we're one of the world's largest
g~neral trading companies, with 10,000 people in
over 200 offices and 90 countries. Yet we're more
than just steel and soybeans. We're a leader in
logistics, financial services and natural resource
development.
Likewise, we're capitalizing on in-
vestments in satellites, communications, cable and
contents to create new multimedia businesses, and
to forge a truly global, integrated corporation
the 21st century. That's a tall order. But
aUf
by
com-
mitment to partnership propels us beyond our
traditional role, to reach for the stars.
-
IRON ORE MANUAL
1998-99
IRON ORE MANUAL
1998 - 1999
Table of Contents
INTERNATIONAL
World
MARKET
Iron Ore Market
1
for 1998
3
Up 2.82% for Fines and Up 2.94% for Lump Ore
Briefing
of Process
to Price Settlement
3
in the Japanese
Market
Price Change of Iron Ore for 13 Years in Japanese/European
World
Seaborne
Market
Iron Ore Trade for 1997 Recorded
Situation
Views of Buyers
before Negotiations
and Sellers
European
Market:
CVRD Called
Japanese
Market:
Outline
Agreement
European
Reached
Market
at Time of Completion
Settled First
Price Settlements
after march
1998 in the Japanese
Price Difference
Price Formula
World
1998 .. 16
(Price List)
(Price List)
of Iron Ore by Ore Type
of Prices
between
.. 10
10
Market
for CY 1998 in Europe
and Comparison
Expression
in Japan until February
Iron Ore Prices by Ore Brand/Type
Changes
Talks .. 8
Ore at Up 2.94% .. 13
for FY 1998 in Japan
on Price Formation
7
Price Negotiations
Iron Ore Prices by Ore Brand/Type
Analysis
5
Iron Ore Price for 1998 on Jan 22, 1998 .. 15
on Iron Ore for FY1998
Price Negotiations
tons
of Preliminary
on Price for Fines at Up 2.82%/Lump
4
for 1998
for Price Rise with Abstract
of the 1st-Round
Markets
at 423 Million
on Iron Ore Prices
3
for Fines in Japan and Europe
Ore Types
18
19
.. 20
21
21
21
of Pellet Feed
23
Iron Ore Trade and Japan's Position
in the World
23
Iron Ore Imports
in Asian Four Major Countries
24
World Production
of Pig Iron and Crude Steel for 1st Half of 1998
26
Chronological
Noticeable
Iron-/Steelmaking
Records
Facilities
World Crude Steel Production
of Price Settlements
at Major
Steelworks
And Seaborne
29
in 3 Asian Countries .. 32
Iron Ore Trade
34
XI
Exports
of Major
Iron Ore Exporting
Countries
by Destination
35
Australia
35
Brazil,
36
Peru
Venezuela,
Chile
37
India, Canada
38
Sweden,
39
South Africa
Mauritania
World
40
Iron Ore Imports
(1987 - 1997)
Iron Ore Imports of Major
Importing
41
Countries
by Source
42
DRI AND PELLETS
45
Summary
of DRI Operations
Current
Situation
World Production
DRI Production
and Future Prospective
by MIDREX
47
of World DRI Production
of DRI by Country/Process
:
by Country
World Production
DRI Projects
in 1997 Compiled
49
50
of DRI by Process
51
by Country
World Direct Reduction
48
52
Plants by Process
World DRI Grade Iron Ore Production
57
in 1997
60
Operating
Pellet Plants
in the World
62
Operating
Pellet Plants
in Europe
63
Operating
Pellet Plants
in North America
64
Operating
Pellet Plants
in Latin America
65
Operating
Pellet Plants
in Asia and Oceania
66
and Former USSR
SUMMARY OF JAPANESE STEEL MILLS
67
Procurement
69
of Iron Ore Resources
Japan's Medium-to-Long-Term
Contracts
for Australian
Contracts
for Brazilian
XII
for the 21st Century
Procurement
Iron ore
Iron Ore
of Iron Ore
(1998 - 2000)
70
71
72
Contracts
for Indian
Long-Term
Contracts
for Iron Ore by Region
74
Long-Term
Contracts
for Iron Ore by Country
74
Long-Term
Contract
Import Contracts
Nippon
Iron Ore
73
Status by Eight Major Blast Furnace
on Australian/Brazilian
Steel Mills
Iron Ore by Steel Mill
Steel
75
75
76
NI
78
Kawasaki
Steel
79
Sumitomo Metal
81
Kobe Steel
82
Nisshin
84
Steel
Nakayama
Steel
Steel Mill's
NSC
85
Iron Ore Imports by Ore Brand and Importer
in FY1998
(Nippon Steel Corporation)
86
86
NI
88
Kawasaki
Steel
Sumitomo Metal
90
Industries
92
Kobe Steel
94
Nakayama
95
Nisshin
Estimated
Steel
Steel
96
Ore Brand-wise
Iron Ore Intake Tonnage
for FY 1998
97
Importers'
Share for FY 1998 by Steel Mill
98
Importers'
Share for FY 1998 by Region
99
Importers'
Share of Major Brands to Steel Mills
Importers'
Handling
Mitsui
&
Co., Nissho
Mitsubishi
Sumitomo
Tonnages
Classified
for FY 1998
by Brand and Steel Mill
Iwai
Corp., Marubeni
Corp. Kawasho
105
105
Corp., Itochu Corp
Corp., Nittetsu
Okura & Co., Tomen Corp.,
100
Shoji
Tonan Trading,
NKK Trading
106
107
108
XIII
Sumikin Bussan,
Nichimen
Mining,
Steel Mills'
Hybrid Pelletized
Sintering
Production
Trading,
Kanematsu
Corp.,
Corp., Tokyo Boeki, Kokan Mining,
Kanematsu
Major
Nomura
Tsuda Kozai,
Blast Furnaces
Sinter
Price Settlement
Mitsubishi
Sumikin Transport
and Sintering
Material
Services,
Furnace
etc
109
110
111
112
(BPS)
114
Plant in the Philippines
Capacity
Shinko Corp
,
115
for Pig Iron and Crude Steel in Japan
for 1998
115
116
STATISTICAL DATA (DOMESTIC AND OVERSEAS)
119
Crude Steel Production
121
Pig Iron Production
by Steel Mills
Crude Steel Production
Pig Iron Production
Demand/Supply
by Steel Mills
for FY 1997
for FY 1997
121
by Steel Mills
122
for FY 1997
,
of Raw Materials
123
124
Japan's
Crude Steel/Pig
Iron Production
and Iron Ore Imports
Japan's
Iron Ore Import Volume by Source
Japan's
Iron Ore Imports and Value by Source
for FY 1997
132
Japan's
Iron Ore Imports and Value by Source
for CY 1997
133
131
Iron Ore Import Volume by Ore Type
Iron Ore Import VOlume/Share
130
134
by Source in
FY 1997
134
Iron Ore Imports by Steel Mills
and Ore Type
135
Iron Ore Imports by Steel Mills
and Ore Brand for FY 1997
136
Iron Ore Imports by Steel Mill and Ore Brand for CY 1998
138
Iron Ore Receipts
for FY 1997
140
Countries
142
World
and Consumption
Crude Steel Production
Crude Steel Production
by Steel Mills
in Major
Steelmaking
by World Major
Steel Mills
143
World Pig Iron Production
144
World
146
Crude Steel Production
DRI Production
XN
by 11 Countries
148
TRANSPORTATION
Seaborne
Trade Volume
Bulk Carriers
NSC
149
AND PORTS
of World's
Major
under Steel Mill's
Commodities
151
Cargo Guarantee
'"
152
(Nippon Steel Corporation
NKK, Kawasaki
Steel
Sumitomo Metal,
153
Kobe Steel, Nisshin
Vessels
under Six Steelmakers'
Taharoa
Iron Sand
Share of Japanese
Transportation
Long-Term
152
(New Zealand)
and Foreign
Steel
154
Guarantee
155
Carriers
156
Vessels
for Iron Ore Transport
of Iron Ore and Coking Coal by Japanese
Affreightment
Contracts
for Large Combination
by Source 156
Flag Vessels
Carriers
Main Ports of Steel Mills
Major Port Facilities
Haulage
Performance
Australia
162
(Excludes W. Australia)
for European
of Japanese
Shipping
Shipping
Source-wise
by Japanese
Iron Ore Haulage
164
Steel Mills
Iron Ore Haulage by Japanese
Spot Chartering
157
159
Iron Ore Loading Ports in Western
Iron Ore Loading Ports
.. 157
for Iron Ore Haulage
169
Companies
Companies
172
for JSMs in FY1997
Shipping
Companies
during January
in FY1997
- October
1998
174
175
176
MINE PROJECTS
185
Overseas
187
Mine Projects
Australia
187
Mining Area C Project,
Gist of Technical
Hope Downs
Fortescue
West Angelas
Presentation
Iron Mine
of West Angelas
187
Project
Iron Ore Project
188
Project
191
Brazil
FERTECO's
Information
188
192
Plans To Develop
the Port of Sepetiba
on WA Iron Ore Industry
Compiled
in 1998 by DRO
192
196
xv
IRON ORE OF AUSTRALIA
211
Iron Ore Exports
213
Long-Term
of Australia
Contract
Price Transition
Status of Australian
of Major Australian
Bamersley
Iron Ore
Long-Term
Contracts
Nt. Newman
Iron Ores for Japan
Iron Ores
216
216
217
of Hamersley
Iron Ore
220
Iron Ore
225
Robe River Iron Ore
231
Nt. Goldsworthy
235
Iron Ore
Yandi
Iron Ore
(BHP)
238
Yandi
Iron Ore
(Hamersley Iron Yandi: HIY)
236
Savage River Pellets
242
IRON ORE OF SOUTH AMERICA
Japan Imports of Brazilian
'
Iron Ore in Past 10 Years
243
245
Exports
of Itabira
Iron Ore and Pellets
245
Exports
of Carajas
Iron Ore
246
Exports
of MBR Iron Ore
247
Exports
of Samarco
Iron Ore
248
Exports
of Chilean
Iron Ore
248
Exports
of Brazilian
Exports
of Peruvian
Long-Term
Contracts
Contracts
Details
Extension
Contract
Iron Ore by Destination
and by Mine
Iron Ore
249
of South American
of Brazilian
Iron Ore
252
Iron Ores
of CVRD South System
South System and North
249
System of CVRD
Itabira
Iron Ore
256
257
Contract
of Affreightment
CAPANEMA
Iron Mine
260
Nibrasco
Pellets
261
Carajas
Iron Ore
265
XVI
with Doce Nave
253
260
Japanese
Contracts
Technical
of CVRD Iron Ore
Presentation
268
of CVRD Iron Ore
272
MBR Iron Ore
275
Samarco
Iron Ore
280
Details
of Peruvian
Details
of Chilean
Iron Ore Contract
281
Iron Ore Contract
282
Romeral
Iron Ore
282
Romeral
Pellet
283
Feed
Algarrobo
Pellets
Colorados
Iron Mine Project
Gist of Technical
283
of Chile
Presentation
Meeting
284
on Chilean
Iron Mines
San Isidro Iron Ore of Venezuela
Gist of Technical
Presentation
286
on Venezuelan
Iron Ore
IRON ORE OF INDIA AND GOA
Export Tonnage
Kudremukh's
Exports
Export
for April
Tonnage
Contract
Bailadila
Contract
Details
in 10 years
1998
1997 - March
1998
in FY 1997
of Indian/Goan
Iron Ore
293
294
294
for Three MOH Loading
Quantities
Kudremukh
Iron Ore
of Donimalai,
Contract
of Affreightment
Contract
Details
Iron Ore Prices
Tudou Iron Ore
Iron Ores
Basic Grade/High
Classified
299
Grade Iron Ore
300
302
with Indian Shipowners-FY
of Goan Iron Ores
Iron Ore
,. 290
291
Iron Ore
Mill-wise
290
290
of Indian Iron Ore
5-Year Contracts
Chowgule
for April
Tonnages
Market
1997 - March
of Goan Iron Ore ex Mormugao
Long-Term
288
289
Share of Indian Iron Ore in Japanese
MMTC's
285
by Loading Facilities
1998
305
306
307
308
308
xvn
Dempo
Iron Ore
Salgaocar
309
Iron Ore
309
SMIL
310
Sesa Goa Iron Ore
310
Foment
311
Iron Ore
Terekhol
Iron Ore
Bandodkar
Bandecar
Timblo
311
Iron Ore
312
Iron Ore
312
Iron Ore
312
IRON ORE OF AFRICA AND CANADA
Contract
Status of African
ISCOR Iron Ore
Assoman
and Canadian
Iron Ores
315
(South Africa)
Iron Ore
315
(South Africa)
Carol Lake Iron Ore
QCI( Iron Ore
313
'
319
(Canada)
322
(Canada)
326
IRON SAND, FLUORITE, SPECIFICATIONS
Hew Zealand
Taharoa
Iron Sand
Iron Sand
Goan Ferruginous
Titaniferrous
,
(Hew Zealand)
Manganese
Fluorite,
329
331
Ore Contracts
for 1 year
Iron Ore
Import Contracts
Chinese
327
332
333
of Mexican
Movement
Fluorite
in these
333
10 Years
335
Ship-to-Ship
Variations
of Iron Ore Quality
in FY 1997
336
Ship-to-Ship
Variations
of Iron Ore Quality
in CY 1997
340
Penalties
xvm
for Main Iron Ore Brands
344
INTERNATIONAL MARKET
INTERNATIONAL MARKET
Up 2.82% for Fines and Up 2.94% Lump Ore
Negotiations on iron ore prices for calendar 1998 and fiscal 1998 commenced in December 1997
both in the European and Japanese markets. On January 21, 1998, the first price of iron ore was settled
between BHP Iron Ore and Nippon Steel Corporation. As a result, BHP Iron are became the first price
setter in negotiations on iron ore in the Japanese market, following the previous year.
The price of fines for fiscal 1998 in the Japanese market was settled at 29.92¢/DLTU, up 2.82% over
the previous year, and the price of lump ore was settled at 38.79¢DLTU, up 2.94% over the previous year.
Consequently, the lump ore premium to fines was widened to 8.87¢/DLTU, an increase by 0.29iDLTU from
8.58t1DLTU of the previous year ..
BHP Iron Ore has played a role of the first price setter in the Japanese market in price negotiations
consecutively for 4 years from fiscal 1995 to fiscal 1998, thereby the company has played a leading role in
price formation of the world iron ore market.
Briefing of Process to Price Settlement in the Japanese Market
1997 was a year of a boom that the international iron are trade recorded the highest level. The world
seaborne iron ore trade in 1997 is estimated at 423 million tons (data by Fernleys) to 427 million tons (data
by Clarkson), which exceed 1995's 402 million tons by more than 20 million tons. The world iron ore
suppliers centering on Australian and Brazilian suppliers responded to vigorous dem~nd for iron ore by
taking down the stockpiles.
Since strong or weak trend in iron ore demand is one of significant factors for deciding a new iron
ore price, some suppliers contemplated to raise a price by over 10% at certain time. However, at around the
end of 1997, most of suppliers became to have a judgment that it will be possible to expect a price rise of
more than 5%, even if a price rise of over 10% would be difficult, and launched negotiations on iron ore
prices.
On the other hand, looking into the user side, steel industries in Europe including Germany and
France were in favorable business condition due to recovery of production and price of steel products.
Therefore, it had been pointed out earlier that users would not possibly accept a price rise strongly required
by major iron ore suppliers such as Brazilian and Swedish suppliers.
Meanwhile, with the economical crisis of Thailand in mid 1997 as the start, serious economical
crisis in Asia including Malaysia, Indonesia, S. Korea, and Japan had gradually deepened the seriousness
month by month. In December 1997, Japanese integrated steelmakers such as Nippon Steel Corporation
commenced to encounter with severe business environment
at just before commencement
of price
negotiations. With the judgment that the seriousness of business situation would be more serious as the time
passed, the Japanese steel mills launched price negotiations with strong stance insisting on price reduction of
iron ore for fiscal 1998.
Nippon Steel Corporation energetically negotiated with Australian mining companies of BHP Iron
Ore and Hamersley Iron Pty respectively, in an aim of reaching final agreement, once in December 1997 and
a few times during the period from January 12 - 20. As a result, BHP Iron are and Nippon Steel
Corporation reached a final agreement on January 21, 1998, as the first price settlement in the Japanese
market for fiscal 1998.
Views from the User Side (Nippon Steel Corporation)
Nippon Steel Corporation commented on the gist of the background of negotiations, placing
emphasis on the following points.
(1) Demand for iron ore is firm, and supply capacity is improved. Therefore, supply/demand balance is
well.
(2) The Japanese steel industry is still on the way to restructuring, while improving its fragile financial
structure. In particular, the Japanese steel industry faces with extremely severe business environment due to
economic turmoil and collapse of financial system in Asia. Furthermore, the current situation in Japan is
getting worse and worse.
3
INTERNATIONAL MARKET
economic turmoil and collapse of financial system in Asia. Furthermore, the current situation in Japan is
getting worse and worse.
(3) The Japanese steel mills recognize, as the most important issue that the world iron ore supply capacity
on a medium-land long-term basis should be secured. However, iron ore suppliers have enough capability
of making required investments due to advantage of high profit of business operations.
Nippon Steel Corporation stated that the Japanese steel mills were not in a situation to accept a price
rise of iron ore for fiscal 1998 shipments, and asked for further full understanding on this matter to the
supplier side.
Views of Supplier Side
(1) The world seaborne iron ore trade for 1997 is forecast to reach the level of 425 million tons of a record
high. Under such environment, iron ore suppliers are meeting the world strong demand for iron ore through
continuation of full-scale production system and sharp taking down of stockpiles.
(2) A huge amount of investments is required to expand supply capacity on medium-lIong-term basis. To
this end, a price level to support the investments is needed.
(3) Iron ore suppliers have full understanding on the great seriousness of economic crisis in Asia including
Japan. However, the European and Asian economies are extremely firm. Therefore, prices of iron ore
should be decided by reflecting the global market.
Iron ore suppliers insisted on the view that a price rise of iron ores for fiscal 1998 should be justified
by the foregoing reasons.
Conclusion ..... There was a big difference in recognition for situation and a way of thinking on iron ore
prices between the buying side and the selling side. Yet, as the negotiations were going on, the difference in
recognition of both parties got narrower gradually. This time, BHP Iron are and Nippon Steel Corporation
finally reached an agreement through mutual understanding on each position as well as on the basis of longterm cherished good relationship between them ..
First Price Settlement in European Market Made on January 22
Following the fIrst price settlement in the Japanese market, German steel mills and CVRD of Brazil
reached the first agreement on iron ore prices for calendar 1998 in the European market, on January 22,
1998. A price of fines was settled at up 2.82% over the previous year, and a price of lump ore was settled at
up 2.94% over the previous year, following the same price rise ratio as that of the Japanese market. On the
same date of January 22, 1998, Sollac of France and SNIM of Mauritania reached an agreement on iron ore
prices by following the price formula of the European market.
On the other hand, price negotiations on CVRD pellets between German steel mills and CVRD of
Brazil had a tough passage. After a long time of negotiating period, the both sides reached an accord at last
on April 27, 1998. The price rise ratio of CVRD pellets for 1998 was up 2.80% over the previous year.
Price Change of Iron Ore for 13 Years in the Japanese/European Markets
Price Change of Iron Ore for 13 Years in the Japanese Market
World Seaborne Iron Ore Trade for 1997 Recorded Highest Level of 423 Million Tons
The world seaborne iron are trade for calendar 1997 is estimated at 423 million tons (data compiled
by Fearnleys) and 427 million tons (data compiled by Clarkson). In case of 423 million tons, it represents an
increase by 32 million tons, or up 8.2%, over 391 million tons of calendar 1996. Of this increase of 32
million tons, nearly 18 million tons came from an export increase of Australian iron are, and nearly 11
million tons came from an export increase of Brazilian iron are. In other words, two major iron are
exporting countries of Australia and Brazil covered around 90% of 32 million tons. Furthermore, exports of
Australian iron are and Brazilian iron are totaled 287 million tons, having approximately 68% share of the
world seaborne iron are trade.
Exports of Australian and Brazilian Iron Ores
World Iron Ore Trade
Exports from Australia
Exports from Brazil
Jan-Dec 1996
391 Mil tons
128.9 Mil tons 33.0 96
129.7 Mil tons 3.296
Jan-Dec 1997
423 Mil tons
146.7 Mil tons 34.796
140.4 Mil tons 3.296
+ 32 Mi I tons
+ 17.8 Mi I tons 55.6 96
+ 10.7 Mi I tons 3.496
Change
On the other hand, looking into the past transition of the world seaborne iron are trade for 12 years,
on the basis of data compiled by Fearnleys, the world seaborne iron ore trade augmented year by year
excluding three years of 1986, 1990, and 1996. As a result, the world seaborne iron are trade for 1997 has
increased by 112 million tons (up 36%), compared with 1986 of 12 years ago. This also represents an
increase by 21 million tons, or up 5.2%, over 402 million tons of 1995 which recorded a year of iron are
boom.
s
