The seaborne iron ore market remained quiet on the Singapore public holiday on Tuesday May 13.

Charlotte Radford looks back at the past seven days’ metals market news, as covered by Metal Bulletin reporters.

Niron Metals PLC, an investment vehicle with shareholders including former Xstrata chief executive officer Mick Davis, is in exploratory talks with the government of Guinea to develop the Zogota iron ore project.

Spot iron ore prices could come under further market pressure as Chinese mills cancel contracted shipments after making cuts to their own steel production.

South Africa and New Zealand’s non-exemption from the United States’ Section 232 import tariffs is likely to have limited impact on Asian aluminium supply, and hence premiums, market participants told Metal Bulletin.

BHP Billiton is running iron ore operations with an “economic rationality” and should not be held accountable for pushing smaller and higher cost producers out of the market, according to a senior executive.

China’s largest steelmaker, Hebei Iron & Steel Group, is planning to set up a 5-million-tpy integrated steel plant in South Africa.

Guinea’s parastatal mining company Soguipami will repay a $25 million loan made by British Virgin Island-registered investment firm Palladino, finance minister Kerfalla Yansane said on Friday June 22.

The United Nations has called on Mozambique’s government to ensure that communities affected by its burgeoning coal industry are supported by effective infrastructure and local services.

Mining companies have radically overhauled the case for investment this year.