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Spot prices of ore bound for China, maker of about half the world’s steel, have fallen roughly 40% from this year’s peak above $160 in March.

The higher production comes despite an 18% fall in spot prices of iron ore over the September quarter.

Multiple producers have faced that tough choice in recent months.

Rio last month said it would team up with China Baowu Steel Group to develop an iron ore project for $2 billion as it looks to prop up its production from the Pilbara region.

Hoa Phat Group produced over 6 million tonnes of crude steel in the first nine months of the year, matching its output from last year.

SATAWU calls off Transnet strike, members to return to work on Thursday

Fortescue Chairman Andrew Forrest, Australia’s richest person, launched FFI in 2020 with an ambitious goal to produce 15 million tons of green hydrogen by 2030.

Down 2.1 Percent YTD in 2022 from Same Period in 2021.