Iron Ore Production Down 20% in Brazil

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.

Click here to read the full Bloomberg report.