- Write by:
-
Thursday, February 7, 2019 - 10:45:42 AM
-
1204 Visit
-
Print
Mining News Pro - Iron ore prices reached an almost two-year high on Tuesday, following January’s fatal tailings dam breach in Brazil at Vale’s Córrego do Feijão mine. Iron ore was at $86.65/dry ton on Feb. 4, up 14% since the dam breach and the highest since March 2017, according to S&P Global Platts.
According to Mining News Pro - Also on Tuesday, Vale declared force majeure on some of its iron ore contracts after a court-ordered halt to a mine responsible for nearly 9 percent of its output following a dam burst which likely killed over 300 people.
"Some market players are bracing for the possibility of $100 iron ore," S&P Global`s Joseph Innace* said on Wednesday, and "seasonally, the global iron ore market does typically rise after the Chinese Lunar Holidays, as buyers tend to return with greater activity."
Analysts believe the price surge lines up with the market halting up to 40 million metric tonnes of Vale’s iron ore production. Vale said on Tuesday that it’s temporarily stopping some operations at its Brucutu mine, potentially causing a massive production loss.
Vale’s also plans to halt production at 10 operations, cutting its annual output by 10% or 40m tonnes, upending a market that was expected to experience a year of gentle decline.
Short Link:
https://www.miningnews.ir/En/News/334556
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
Nippon Steel intends to pursue its proposed acquisition of US Steel and wants its “deep roots” in the United States to ...
Nigeria will only grant new mining licences to companies that present a plan on how minerals would be processed locally, ...
Brazilian miner Vale said in a filing on Wednesday it had signed a contract to buy a 45% stake in Alianca Energia from ...
Iron ore pellet producer Ferrexpo said a court has prohibited the transfer of ownership and other shares-related ...
No comments have been posted yet ...