The state of the global iron ore market during COVID-19

We take a look at global macro and CTAs, physical iron ore flows and the mine production and industry costs.


  • Global macro variables and CTAs
  • Iron Ore Physical Flows and Impact of COVID – 19
  • Mine supply and the impact of COVID-19 on iron ore mining


Federico Gay, Senior Analyst, Refinitiv, GFMS

Federico Gay, Senior Analyst, Refinitiv, GFMS

Federico is a geologist with a BSc from the National University of the South, Argentina. He joined Refinitiv in London in November 2019, focused on precious metals supply modelling. Prior to Refinitiv, he worked over seven years in Chile in a wide range of assignments, including exploration, ore control, geological modelling and resource estimation for a Copper-Gold-Molybdenum Mine in the Atacama Desert. He completed a master’s program in Economic Geology from the Catholic University of the North, Chile.  

Tamara Thorne - Senior Analyst - Precious Metals Demand, Refinitiv

Tamara Thorne - Senior Analyst - Precious Metals Demand, Refinitiv

Tamara Thorne has been covering the metals markets since 2016 since she joined the GFMS precious metals research team at Thomson Reuters, focusing on fabrication and investment demand in Europe and the UK. In 2018, Tamara joined INTL FCStone, where her primary focus was precious metals risk compliance and analysis of mining projects in South America, Middle East and Central Asia. 
She re-joined Refinitiv in 2019 to continue contributing to the precious metals research and analysis, but her main focus has been expansion and development of the team’s iron ore and steel market coverage. Tamara holds a MSc in Mining Engineering, from the Camborne School of Mines and a MA in International Relations, both from the University of Exeter, UK.  


Bernd Sischka - Global Head of Metals, Refinitiv

Bernd Sischka - Global Head of Metals, Refinitiv

Bernd leads the global metal and iron ore business at Refinitiv in London, with over 1500 global customers. He is responsible for the global revenue growth of the business and strategic development of product, content, research and forecasting groups. Prior to joining Refinitiv he worked at Alaska Metals in London as a trader in charge of the LME Hedging Department, responsible for all base metal contracts with over 250,000mt annual volume across aluminium, alumina and copper. He also developed and traded systematic LME futures strategies with a focus on medium to long-term price trends. 
At Credit Suisse in London Bernd worked as a portfolio manager and proprietary trader for global base and precious metal derivatives (aluminium, copper, lead, zinc and tin, steel, gold, silver, palladium, platinum, iron ore) at Credit Suisse London. In addition, Bernd was advising and recommending structured hedging solutions for price risk management for metal and mining companies.Bernd has a wealth of global contacts in the metals and mining industry ranging from government institutions, banks, hedge funds, physical traders and trade organizations. 
Bernd started his career at Lehman Brothers in London in the debt syndicate department helping companies ranging from global governments in developed and emerging markets and financial institutions to raise debt on the global capital markets. 

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