The spot iron ore fines (Fe 62%) index price picked up to USD 114.25/MT, CFR China yesterday, the levels were last witnessed in Apr’14. Spot iron ore prices picked up by USD 2/MT D-o-D.
Rio Tinto Slashes iron ore shipment guidance by 13 MnT
Rio Tinto on Thursday (19th June’19) announced drop in its iron ore Pilbara shipments guidance due to mine operational challenges at the company’s Greater Brockman hub. Rio Tinto 2019 Pilbara iron ore shipment guidance is reduced to 320-330 MnT as against 333-343 MnT previously. The miner expects maximum shipment of lower grade and lower margin product for the year.
Post, Rio Tinto’s announcement made on 19th June for shipment cuts for the year, Dalian iron ore future climbed to 820 yuan/MT, the highest since inception in 2013.
Vale to resume operations at its Brucutu mines
Vale- world’s largest iron ore miner yesterday (19th June’19) announced the resumption at its Brucutu mines within 72 hours. As per reports, the president of the Superior Court of Justice overthrows a decision previously taken by a law court in Minas Gerais state, to suspend the use of the Laranjeiras dam, located at Brucutu. The decision will enable full resumption of wet processing at Brucutu, increasing Vale’s product portfolio.
Towards Feb’19, the miner had shut operation at Brucutu mines, as a safety precaution following collapse at its dam at Corrego do Feijao mine in Minas Gerais in Brumadinho, Brazil on 25th Jan’19. The Brucutu mines was operating at one third (10 MnT) of its total annual capacity (30 MnT p.a).
However, the miner keeps the sales guidance intact at 307 MnT- 332 MnT and informs that its current sales volume will be observed towards midpoint of the range.
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