Vale’s potential output cuts to hamper global iron ore supply

Vale’s potential output cuts to hamper global iron ore supply

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Vale’s potential interruption or reduction of iron ore production due to Covid-19 might hamper the global supplies of the commodity, a media report by Valor said, citing a Citi report.

Citi has reduced its estimate for Vale’s iron ore output for 2020 from 327 million mt to 315 million mt, adding that the current scenario is similar to that of 2019, when Vale was hit by production cuts, following the Brumadinho disaster, amid a weaker global iron ore market. The trend had the end result of helping Australian iron ore producers gain market share.

source: steelorbis

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