| Global Iron Trade Faces Disruption as Port Shut; Prices Jump | |
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The SGX AsiaClear iron ore contract in Singapore rallied as much as 6.9 percent to $39.90 a ton on Friday, while futures on the Dalian Commodity Exchange rose as much as 3.2 percent. Iron ore with 62 percent content delivered to the Chinese port of Qingdao, a benchmark that’s set daily, was at $41.29 a dry ton on Thursday, according to Metal Bulletin Ltd. In the decision, federal Judge Marcus Vinicius Costa outlined fines for each day Vale fails to comply with the halting of port activities. Vale has continually invested in environmental controls at the port in recent years, the Rio de Janeiro-based miner said in a separate statement. Steel-making giant ArcelorMittal also uses Tubarao, although the court’s decision won’t immediately affect its activities, it said in a statement. More from Bloomberg.com: The World Has Discovered a $1 Trillion Ocean Vale may be able to manage some of the short-term impact from disruption at Tubarao by tapping its distribution center for Asia, which is sited in Malaysia and has extensive stockpiles, according to Philip Kirchlechner, director of Iron Ore Research Pty and former chief iron ore representative for Rio in Shanghai. “This will enable them to fulfill their short-term contractual commitments,” Kirchlechner said by e-mail on Friday. “With hindsight this was actually quite a smart decision to set up this platform, originally set up for blending and transshipping but now it is actually becoming a useful buffer to absorb short-term supply disruptions.” Updates to add futures prices in first, fifth paragraphs. More from Bloomberg.com Read Global Iron Trade Faces Disruption as Port Shut; Prices Jump on bloomberg.com
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Vale
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EXPLORATION STAGE |
CODE : VALE3.SA |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Vale is a producing company based in Brazil. Its main exploration property is GALIURO in USA. Vale is listed in Brazil and in France. Its market capitalisation is BRL 305.4 billions as of today (US$ 150.8 billions, € 135.7 billions). Its stock quote reached its lowest recent point on February 19, 2016 at BRL 10.51, and its highest recent level on August 27, 2021 at BRL 99.80. Vale has 5 244 319 744 shares outstanding. |