World’s Largest Iron Ore Port Expects Higher Exports Post Vale

By Krystal Chia (Bloomberg) -- With a market facing a global deficit that was unforeseen at the start of the year, the world’s biggest iron ore export port is flagging a timely boost in shipments as Fortescue Metals Group Ltd. and rivals bring on new mines in Australia’s remote Pilbara region. The projected shortfall comes in the wake of Vale SA’s January dam … [Read more...]

Iron Ore Thunders Higher as Mine Dams Closed, Exports Collapse

By Krystal Chia (Bloomberg) -- Iron ore’s supply-driven rally picked up pace on Wednesday, with futures topping $90 a ton, amid increasing concern the crisis at Brazil’s Vale SA will be drawn out as regulators ordered dozens of dams to be shut. Futures for benchmark material rallied as much as 4.1 percent in Singapore, while spot ore climbed to a two-year high and the … [Read more...]

Dry Bulk Market Prospects Worsen After Brazil Dam Disaster, Golden Ocean Says

OSLO, Feb 19 (Reuters) - The prospects of dry bulk shippers carrying iron ore from mines to smelters have worsened due to the accident at Vale's Brumadinho dam in Brazil, Golden Ocean said on Tuesday as it presented forecast-beating quarterly earnings. The dam in the town of Brumadinho, which contained tailings, the mud-like byproducts of iron ore mining, burst on Jan. 25, … [Read more...]

Iron Ore Rockets as Vale’s Supply Disruption Convulses Market

By Krystal Chia (Bloomberg) -- The global iron ore market was pitched into turmoil after Brazil’s Vale SA, the world’s largest producer, outlined plans to cut output after a deadly dam breach, buoying shares of rivals as investors weighed the impact of the disruption. Prices soared, with futures rallying more than 9 percent. Vale will decommission some tailings dams, curbing … [Read more...]

Vale Sells Two Very Large Ore Carriers for $178 Million

Brazilian mining company Vale SA on Wednesday said it has sold two ships with a capacity to carry 400,000 tonnes of iron ore each for a total of $178 million. The company said it received the payment on August 8 and that it is in talks to sell two remaining ships of the same class (VLOC, very large ore carriers).  Vale said it is also negotiating the sale of its … [Read more...]