Vale production cuts to shake up trade flows
The world’s largest iron ore producer Vale has decided to halt 10% of its annual iron ore production to dismantle 10 dams built according to the upstream tailings method. The move is likely to hit capesize shipments and severely impact tonne-mile demand for iron ore
The 40m tonnes of iron ore pulled out by Vale would result in a 4.7% decline in iron ore tonne-miles and 1.3% drop in total dry bulk tonne-miles, JP Morgan analyst Noah Parquette said
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