"We will be carrying out planned maintenance in some of our mills during this period, although there will be no impact on customers," a company spokesperson said.

Australian iron ore mining firms Fenix and Fe Limited are using hedging to keep operating, with most of their unhedged rivals having stopped production or development with the reality of a more than halving of the iron ore price over the past four months.

Saldanha iron-ore terminal's air emissions licence renewed for five years

Shareholders back restart plans at Dolphin

A recent report states that the metals sector is set to continue its rebound from the effects of the covid-19 pandemic through 2022.

“We expect iron ore prices to find a floor around current levels,” ANZ Research wrote in a note.

It added that it expected 2021 C1 iron ore extraction costs, which typically include only direct costs such as labor, to come to $19 per tonne.

Crude oil futures continue to rise as US EIA report suggests SPR release not required