SMM6, June 26: due to the resumption of production of its Brucutu iron ore on June 22, Vale (Vale SA) has resumed production of 1/3 of its production since January.
Previously, the company has restored some of the production capacity of Brucutu iron ore, this full resumption of production can restore 30 million tons of production capacity.
After the dam break in January, Vale suspended production of 93 million tons of iron ore, causing global iron ore prices to soar.
But Morgan (Morgan Stanley) said that while Vale's resumption of production could partly ease the extreme shortage of iron ore around the world, the tone of the full-year iron ore shortage will not change much, with a high price of $90 going on until the end of the year.
SMM believes that after Vale (Vale) resumed production of its 10 million tons of iron ore dry separation capacity in April, Vale's official website said on June 19 that the remaining 20 million tons of wet separation capacity in the Brucutu mining area could resume production in 72 hours. Although the annual production capacity of Vale is 30 million tons, it is difficult to improve the decline of global iron ore supply. Superimposed Rio Tinto twice cut its 2019 iron ore shipment target to 3.2-330 million tons in June, and SMM expects the average iron ore price range to remain high at $85 to $95 a tonne in 2019. SMM has readjusted its global iron ore supply forecast for 2019, as detailed in the following table:
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