With a market facing a global deficit that was unforeseen at the start of the year, the world’s biggest iron ore export port is flagging a timely boost in shipments as Fortescue Metals Group and rivals bring on new mines in Australia’s remote Pilbara region.
The projected shortfall comes in the wake of Vale’s January dam disaster in Brazil, which prompted the biggest producer to forecast output losses of as much as 75-million tons this year. The supply shock could last to 2024, according to the latest Australian government estimates.