In addition, Vale’s license to operate a dam at Brucutu was revoked by a state regulator. Iron ore has been supercharged since late last month after the dam burst in Brazil, which killed at least 150 people and rattled the mining industry. Vale’s production would slump 40 million tonnes this year, the bank estimated. This week’s drama has played out as the most important iron ore user has been offline, with Chinese markets closed for Lunar New Year. “Steel mills in China need security of supplies 24/7 and it’s hard to tell how long this situation will go on,” Iron Ore Research Pty director Philip Kirchlechner said.

Source: Taipei Times February 08, 2019 15:56 UTC