Kumba Iron Ore and the coronavirus conundrum
With China demand slowing down, the miner has to find a market for R1.4bn in ore it can’t just sit on
The timing for Kumba Iron Ore could be worse. Its only client in SA, ArcelorMittal SA, has stopped its Saldanha steel mill and is considering alternative ore sources for its other plants.
For Africa’s largest iron ore producer, the difficulties at ArcelorMittal come at a time when the global market for the key steel ingredient is beset by uncertainty caused by the outbreak of the coronavirus in China.