Dalian Iron Ore Futures Up as Vale Holds Resumption at Brucutu Mines
China iron ore future edged up 4% today due to supply crisis from Vale over delay in resumption at Brucutu mines. Vale on Monday (6th May) was ordered by the Minas Gerais Court of Justice (Tribunal de Justiça do Estado de Minas Gerais - "TJMG") to hold production at its Brucutu mines.
The miner on 19th Mar had received court's order in favor of resumption at Brucutu mine and on 21st Mar, Vale received approval from the State Agency for Environment and Sustainable Development (SEMAD). Later, on 17th Mar the miner had received final approval for resumption at its Bruccutu mines.
Towards early Feb'19, Vale had shut operation at its Brucutu mines, causing a production loss of about 30 MnT pa. The move was a step ahead towards safety after iron ore producer underwent collapse at its dam at Corrego do Feijao mine in Minas Gerais in Brumadinho, Brazil on 25th Jan'19.
Vale reaffirms its iron ore and pellet sales estimate for the year to be at the low to mid-end of 307-332 MnT.
Average global iron ore fines prices increased amid material availability crisis
Monthly average global iron ore fines (Fe 62%) prices increased to USD 93/MT, CFR China in Apr'19 compared to USD 76/MT, CFR China in Jan'19. Australian major iron ore miners also announced reduction in iron ore guidance for the year as an effect of cyclone Veronica.
source: SteelMint
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