China's steel mills appeared reluctant to restock despite the supply outage from Brazil.
Vale Mining News
No degree of financial performance is worth a life.
The decision was made in light of a possible failure of five dams at both complexes, which are located in Minas Gerais, the same state where the Feijão mine dam collapsed last month.
Iron ore continues to influence the ferrous complex, steel prices reflect the rising cost of iron ore and producers are passing it on to the consumers.
The final effect on seaborne volumes is yet to be seen, but it is likely that an expected increase in exports from Brazil for 2019 will instead be a small contraction.
'We don’t see the case for any major investment in iron ore' - Mackenzie
It’s taken two tragedies in just over three years, but the mining industry is finally starting to clean up its act.
CEO Andrew Mackenzie said it was too early to say what impact the recent Vale tailings dam disaster will have on efforts to restart BHP and Vale's jointly owned Samarco mine, shut since November 2015 after a dam collapse killed 19 people.
All so-called upstream dams need to be decommissioned or removed by August, 2021, according to a resolution the National Mining Agency published on Monday.
The tailings dam at the iron ore mine is inactive so the miner said the evacuation is precautionary.
The majority of material from the Malaysian distribution center is Brazilian Blend fines destined for China.
The disaster has called into question the willingness of investors and lenders to continue funding the broader industry.
The company said the fire should have a reduced impact on shipments as 10 days of preventive maintenance was already programmed at the terminal.
Four people from the German consulting group Tüv Süd, company that certified the safety of Vale’s dams, were also detained.
Iron ore supply is expected to tighten after the Vale accident, but actual effects in the Chinese market will not occur until late March.
Our current prediction is for 19 very serious failures between 2018 and 2027.
The authorities had closed the port terminal operated by the miner and fined it 35 million reais ($9.43 million) for throwing mining residues in the sea.
State-development bank BNDES intends to sell shares in the miner, but has yet to find a good moment to do so.
"I think this is just a natural volatility after such a big supply shock"
Was it another false dawn for the nickel market?
Iron ore’s dramatic rally will raise costs for steelmakers, potentially crimping their profit margins, unless they are able to pass on the additional burden to customers.
Vale has flagged production cuts of as much as 70 million tons in the wake of the deadly dam breach, spurring worries about a substantial loss of seaborne supply.
We used to say these kinds of mining incidents were acts of God, but now ... we consider them failures in engineering.
Half of the world’s biggest miners do not keep track of their tailings risk management measures -report
The Responsible Mining Foundation says many of the world’s largest mining companies are not able to ‘know and show’ how effectively they are addressing the risks of tailings dam failure and seepage.
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.