{"id":1185490,"date":"2020-05-20T12:18:16","date_gmt":"2020-05-20T17:18:16","guid":{"rendered":"https:\/\/www.mining.com\/?p=1024433"},"modified":"2020-05-20T12:18:16","modified_gmt":"2020-05-20T17:18:16","slug":"iron-ore-price-surges-on-brazil-covid-19-crisis","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1185490","title":{"rendered":"Iron ore price surges on Brazil covid-19 crisis"},"content":{"rendered":"<p>Iron ore prices were closing in on triple digits on Wednesday as optimism about a quick recovery in China, where more than half the world&#8217;s steel is forged, combined with supply fears from Brazil, the globe&#8217;s number two supplier. <\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were exchanging hands for $96.95 a tonne on Wednesday, just off 9-month highs struck yesterday. On the Dalian commodities exchanges iron ore futures climbed for sixth straight session to $107 a tonne, up 20% from early April.    <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Everyone&#8217;s asking the question, what&#8217;s wrong in Brazil? The first quarter you can blame weather, the wet season, but now weather is truly behind us as an excuse.<\/p>\n<p><cite>UBS global head of mining, Glyn Lawcock<\/cite><\/p><\/blockquote>\n<\/figure>\n<p>Iron ore prices have been underpinned by hopes that China, <a href=\"https:\/\/www.mining.com\/covid-19-impact-on-the-iron-ore-market-report\/\">responsible for more than 70% of the world\u2019s seaborne iron ore trade<\/a>, will spend massively on infrastructure and construction to revive an economy devastated by the coronavirus.<\/p>\n<p>Australia&#8217;s <a rel=\"noreferrer noopener\" aria-label=\"Financial Review quotes (opens in a new tab)\" href=\"https:\/\/www.afr.com\/markets\/equity-markets\/iron-ore-s-bull-run-still-has-legs-20200520-p54upy\" >Financial Review quotes<\/a> UBS&#8217;s global head of mining, Glyn Lawcock, as saying that falling port stocks and a rebound in Chinese mill output has underpinned prices, but <a href=\"https:\/\/www.cnn.com\/2020\/05\/20\/americas\/brazil-coronavirus-deaths-intl\/index.html\"  rel=\"noreferrer noopener\" aria-label=\"worries about supply from Brazil (opens in a new tab)\">worries about supply from Brazil<\/a> is behind the latest spike:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;Last year Brazil exported around 350 million tonnes. That&#8217;s 6.5 million tonnes a week. They&#8217;ve only had one week this year where they shipped above 6 million tonnes. The last three weeks they&#8217;ve shipped less than 4.5 million tonnes a week.<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;Everyone&#8217;s asking the question, what&#8217;s wrong in Brazil? The first quarter you can blame weather, the wet season, but now weather is truly behind us as an excuse.<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;Brazil is now number four globally in terms of COVID cases. It&#8217;s really escalated. So I believe absenteeism in the workplace is hurting production.<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;You can&#8217;t move dirt working from home.&#8221;<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Benchmark prices close in on $100 a tonne on Brazil supply fears &ndash; &#8220;You can&#8217;t move dirt working from home.&#8221;<\/p>\n","protected":false},"author":4,"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":"","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":"","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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185490"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1185490"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185490\/revisions"}],"predecessor-version":[{"id":1185531,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185490\/revisions\/1185531"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1185490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1185490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1185490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}