Brazil: Vale Warns of Another Dam Burst; Iron Ore Prices Cross USD 100
Spot iron ore fines Fe 62% index has picked up to USD 100.4/MT, CNF China as against USD 98/MT, CNF China yesterday. The increase is due to Vale forecast of dam rupture in next week. The prices have hit 5 years high as the prices were last seen in May'14.
Vale identified a movement at the North Slope of the Gongo Soco mine, which is inactive since 2016. The vibration so produced is expected to adversely affect the Sul Superior dam, which is located approximately 1.5 km away from the slope and stores waste from mining operations. As per Vale, if the current pace of movement in the Gongo Soco mine continues, it may result in rupture of dam by next week.
As per last update, Vale's Brucutu mines is still at hold due to orders by Minas Gerais Court of Justice (Tribunal de Justiça do Estado de Minas Gerais - "TJMG").
Vale- Iron Ore & Pellet Production Down Amid Brumadinho Dam Rupture
Vale total iron ore production for the quarter (Q1 CY19) stood at 72.9 MnT, down 28% as against 101 MnT in Q4 CY18. On yearly basis, production fell 11% against 82 MnT in Q1 CY18.
The miner recorded decline in total pellet output for the quarter at 12.2 MnT, down 23% compared to 15.8 MnT in Q4 CY18. The drop was owing to operation hault at Fabrica and Vargem Grande pellet plants due to dam rupture and scheduled maintenance at Tubarao and Oman.
Vale recorded iron ore sales at 55.4 MnT for Q1 CY19, down 31% on quarterly basis as compared to 80.5 MnT in Q4 CY18. Pellet sales for the quarter witnessed by the company at 12.3 MnT, down 23% as compared to 16 MnT in Q4 CY18.
source: SteelMint
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