With Vale Mining Activities Suspended at Plant in Minas Gerais, Iron Ore Price Soars in China

Written by Kelly

Published on 29/09/2020 at 11:00

Mina de ferro da Vale/Imagem: Divulgação

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This Suspension of Vale’s Operations in MG Came After a Court Decision, Which the Mining Company Has Indicated It Will Appeal

The Brazilian mining company Vale announced in a document on Monday (28) that it is temporarily suspending operations at its Viga concentration plant in Minas Gerais, which will result in 11,000 tons less per day of iron ore production. Consequently, the negotiations stirred the Chinese market.

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Iron ore is also supported by China’s demand for steel, particularly for the construction sector, which has been boosted by government stimulus measures focused on infrastructure. The three major global companies that operate significantly in the maritime iron ore trade are Vale, Rio Tinto, and BHP.

This suspension of Vale’s operations occurred after a court decision, which the mining company has stated it will appeal and is moving to reactivate production at the closed mines.

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Vale is under investigation by authorities following dam break incidents in the state of Minas Gerais in 2015 and 2019, which affects production amid the progress of these legal proceedings.

According to commodity strategists at ING, “The supply interruption may provide short-term support for the market, which has fallen after six-year highs reached earlier this month.”

According to Jornal Extra, the most traded contract for the material used in steel manufacturing, for delivery in January 2021, rose 1.4% on the Dalian exchange, closing at 780.50 yuan (US$ 114.47) per ton, marking the second consecutive session of gains. Iron ore for delivery in October on the Singapore exchange rose 1.1% in the afternoon, in the fourth session of gains.

With Vale Mining Activities Suspended at Plant in Minas Gerais, Iron Ore Price Soars in China

This Suspension of Vale’s Operations in MG Came After a Court Decision, Which the Mining Company Has Indicated It Will Appeal

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With Vale Mining Activities Suspended at Plant in Minas Gerais, Iron Ore Price Soars in China

This Suspension of Vale’s Operations in MG Came After a Court Decision, Which the Mining Company Has Indicated It Will Appeal

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The Soviet Union spent 22 years drilling into the Earth’s crust and reached a depth of 12,262 meters — they found water where it was thought impossible, hydrogen bubbling from the rock, granite that is 2.7 billion years old, and temperatures of 180 degrees that melted the drill bits.

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China has just successfully tested the world’s first ground effect maritime vehicle, a craft that flies up to 6 meters above the water at 200 km/h, uses quantum technology and 6G communication, and can rescue patients in the middle of the ocean.

Brazil spent R$ 1.9 billion on a giant bridge to Paraguay, and it is already finished, but no one can use it properly because the access points are not ready, and traffic remains blocked months later.

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