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Iron ore futures prices rose 3.6% Brazil hopes to restart production

May 21, 2020

According to the latest report from the China Coal Resources Network on May 20, the President of the Brazilian Mining Association (Ibram) Flavio Pennido said that China ’s iron ore demand has gradually recovered, considering that Brazil ’s iron ore production capacity is relatively high. It is expected that the mining industry will be the first to recover from the economic recession. It is reported that as of May 19, China's Dalian Stock Exchange iron ore futures prices rose 3.6% to close at 711 yuan / ton (equivalent to 100.07 US dollars / ton contract).

 

It is reported that the annual production capacity of Brazilian iron ore is 410 million tons. Previously, the Brazilian Mining Association had set a goal to increase iron ore production capacity to about 450 million tons in the next few years. However, Brazil's previous plan encountered obstacles. As of May 20th, Beijing time, Brazil has accumulatively diagnosed 271,885 cases, making it the third country with the cumulative number of diagnoses in the world. In order to effectively curb the spread of the epidemic, Brazil suspended the operation of 25 dams in Vale, its largest iron ore producer in the country.

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