The Australian Financial Review reported that iron ore prices saw gains this week after Vale (NYSE:VALE) temporarily closed one of its ports in Brazil due to alleged environmental breaches.
The Australian Financial Review reported that iron ore prices saw gains this week after Vale (NYSE:VALE) temporarily closed one of its ports in Brazil due to alleged environmental breaches.
As quoted in the publication:
The court in Brazil’s Espirito Santo state ordered a halt to export and import activities through Tubarao after elevated levels of iron ore and coal dust were detected. Vale received the news from federal police “with surprise” and will use “all appropriate legal measures to ensure the re-establishment of its activities”, the company said in a statement Thursday.
Iron ore has plunged over the past three years as the world’s top producers including Vale and rivals BHP Billiton and Rio Tinto Group in Australia boosted low-cost supply, spurring a glut just as China’s growth cooled. The impact from Tubarao would be determined by the duration of any closure and how the legal case developed, according to Citigroup, which estimated that the facility handled about 110 million tons of ore a year. That’s about 8 per cent of global shipments, according to Bloomberg calculations.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1852.86 | +7.08 | |
Silver | 21.79 | 0.00 | |
Copper | 4.33 | +0.06 | |
Palladium | 1987.50 | +20.50 | |
Platinum | 960.50 | +1.50 | |
Oil | 109.88 | -0.40 | |
Heating Oil | 3.63 | +0.01 | |
Natural Gas | 8.63 | +0.54 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.