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[abnormal movement] the end of the external mine encountered another emergency. Iron ore opened up by 5%.
May 18,2020 10:13CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5 March 18: black is generally high this morning, iron ore straight up more than 5% to 690 yuan / ton, thread up nearly 2%, hot coil up nearly 3%.

Iron ore opened high today mainly because VALE's mine license in Brumadinho was revoked by the local government. Local health authorities said that the city of Blumadino in (Minas Gerais), Minas Gilles, Brazil, had suspended Vale's operating license and that the company's on-site activities "did not comply with the rules of social segregation." The city has issued a decree that only activities related to helping residents affected by the dam rupture can be carried out because of fears that workers may be exposed to covid-19. The city did not disclose how long it will affect Vale's operations.

On the other hand, low domestic iron ore port inventories also support ore prices. As of May 15, inventories at 35 ports tracked by SMM totaled 101.79 million tons, down 1.18 million tons from the previous month and 21.89 million tons from a year earlier. Jingtang port month-on-month rise, the previous steel mills have been in the stage of digesting inventory, most steel mill inventory is low, because some steel enterprises worry that there may be transport restrictions during the two sessions next week, the port sparse port month-on-month increase, short-term port inventory is still difficult to see a substantial accumulation.

However, it is worth noting that the two sessions will be held this week, Beijing-Tianjin-Hebei region may implement more stringent environmental production restrictions, iron ore prices have the risk of rising and falling.

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