Investors have been piling into shares of the world’s largest iron-ore producer, touting it as one of the biggest opportunities to emerge from the carnage in Brazilian markets.
Vale sank to a three-year low in March amid the coronavirus outbreak that has disrupted production chains across the globe and sent growth estimates plunging. The stock has recovered about 30% in the past week, but is still trading at levels last seen in 2019 after a dam disaster that killed 270 people.