Iron ore prices reached an almost two-year high on Tuesday, following January\u2019s fatal tailings dam breach in Brazil at Vale\u2019s C\u00f3rrego do Feij\u00e3o mine. Iron ore was at $86.65\/dry ton on Feb. 4, up 14% since the dam breach and the highest since March 2017, according to S&P Global Platts.<\/p>\n
Also on Tuesday, Vale declared force majeure<\/a> on some of its iron ore contracts after a court-ordered halt to a mine responsible for nearly 9 percent of its output following a dam burst which likely killed over 300 people.<\/p>\n “Some market players are bracing for the possibility of $100 iron ore,” S&P\u00a0Global’s Joseph Innace*\u00a0said on Wednesday<\/a>, and “seasonally, the global iron ore market does typically rise after the Chinese Lunar Holidays, as buyers tend to return with greater activity.”<\/p>\n Analysts believe the price surge lines up with the market halting up to 40 million metric tonnes of Vale\u2019s iron ore production. \u00a0Vale said on Tuesday that it\u2019s temporarily stopping some operations at its Brucutu mine, potentially causing a massive production loss.<\/p>\n Vale\u2019s also plans to halt production at 10 operations, cutting its annual output by 10%<\/a> or 40m tonnes, upending a market that was expected to experience a year of gentle decline.<\/p>\n Click\u00a0here<\/a>\u00a0for complete coverage of the dam burst at Vale’s C\u00f3rrego do Feij\u00e3o mine<\/em><\/p>\n (As quoted by MarketWatch*)\u00a0<\/em><\/p>\n The post Iron ore prices reach almost two-year high<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Analysts believe the price surge lines up with the market halting up to 40 million metric tonnes of Vale’s iron ore production.<\/p>\n The post Iron ore prices reach almost two-year high<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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