A Short Summary on Vale Disruption on Itabira Complex

Iron ore futures in both SGX and DCE jumped after top iron ore miner Vale SA was ordered to shut operations at Itabira complex including three major mines that accounts for 10% of annual production, boosting concerns that Brazil will disrupt other mines in coming months. However Vale also claimed the potential impact of 2.7 million tonnes has already included in the 15 million tonnes of production decrease previously announced in the year. SGX july contract once reached $103/103.1 early this morning. Shandong Port PBF offered up 30-35 yuan in the morning.

 

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