Dalian iron-ore futures surged past $100/t on Thursday, recovering lost ground as concerns about tightening supply of the steelmaking commodity from coronavirus-hit Brazil prevailed over a bleak outlook for global steel demand. After Brazilian iron-ore miner Vale cut its 2020 production outlook to 310-million-330 million tonnes, from 340-milliont o 355-million tonnes previously, "more downgrades may be on the way as Covid-19 infections accelerate in Brazil’s key mining provinces", said Morgans Financial in a note.
