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Currently, Iron Ore Shipments by Vale Exceed Those of Rio Tinto for the First Time Since Brumadinho, Based on a Three-Week Moving Average
Since losing the top position as the largest iron ore supplier in the world due to the Brumadinho dam disaster in Minas Gerais, the mining company Vale has reached this milestone, surpassing one of its biggest competitors, Rio Tinto.
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Vale has managed to maintain its operations even amid the Covid-19 pandemic, experiencing only a single major operational halt. The mining company is also moving to reactivate production in the mines that were closed after the Brumadinho tragedy.
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According to Colin Hamilton, managing director of commodity research at BMO Capital Markets, preliminary shipping data shows that exports of the steelmaking raw material by Vale reached their highest level in a year.
The executive adds that Vale’s shipments are currently exceeding those of Rio Tinto for the first time since Brumadinho, based on a three-week moving average.
The three major companies significantly involved in the maritime iron ore trade are Vale, Rio Tinto, and BHP, and they are transporting over 300 million tons per year, Hamilton stated.
Mining Company Vale Expands Operations in Maranhão to Meet China’s Demand for Iron Ore
Vale is targeting new business opportunities to supply Chinese demand and intends to increase iron ore shipments to the Asian country. To achieve this, the Brazilian mining company is looking to explore a port terminal in Maranhão.
Vale is considering increasing the use of ships after China imported record volumes of iron ore to meet demand for raw materials for steelmaking, due to the surge in infrastructure and construction activities in the country. Learn More Here.
