Iron ore price up after mine closures in Brazil and China

Closures at Vale’s Timbopeba & Alegria mines and in Shanxi province represent a temporary removal of 30 million tonnes of annual iron ore supply.
Haul truck. (Image by Kelly Michals, Flickr).

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Iron ore prices rose again on Monday on persistently tight supply and resilient Chinese demand.

Benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were up 0.7%, changing hands for $220.77 a tonne, according to Fastmarkets MB.

Record steel production in China and persistent supply problems have pushed prices up in recent months.

Last week, Vale interrupted production at its Timbopeba mine and part of its Alegria mine after prosecutors ordered the evacuation of an area around the nearby Xingu dam, in the state of Minas Gerais.

Continue reading at Mining.com.

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