Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The head of the world's second-largest iron ore miner dismissed as "harebrained" a suggestion by smaller rival Fortescue Metals Group that miners should cap output of the steelmaking raw material to boost prices. Rio Tinto Chief Executive Sam Walsh said on Thursday there would be no benefit to Australia from trying to support the iron ore price by setting a cap on production, despite market oversupply and waning demand growth in China.
The head of the world's second-largest iron ore miner dismissed as "harebrained" a suggestion by smaller rival Fortescue Metals Group that miners should cap output of the steelmaking raw material to boost prices. Rio Tinto Chief Executive Sam Walsh said on Thursday there would be no benefit to Australia from trying to support the iron ore price by setting a cap on production, despite market oversupply and waning demand growth in China.
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