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Bloomberg reported iron ore production is down 20% in Brazil, according to Vale (SAO:VALE5).
Bloomberg reported iron ore production is down 20% in Brazil, according to Vale (SAO:VALE5).
As quoted in the market news:
Vale yesterday declared force majeure, a legal clause that allows companies to miss deliveries, on iron-ore shipments and said it will lose 2 million metric tons of the steel-making ingredient because of the rains in southeastern Brazil, where the company has 15 mines. The downpours are the largest since at least 1910, Martin said today.