Daily iron ore price update (Brazil bounce)

Iron ore prices for June 5, 2019:

Nothing burger action. From Argus:

Brazil’s iron ore exports remain on the recovery track, with May shipments totalling 29mn t, up from 18.3mn t in April, economy ministry data show.

But exports were still 16pc below May 2018, following April’s 29pc decline on the year. Brazilian iron ore exports started to fall in March after a late-January tailings dam accident at Brazilian company Vale’s Feijao dam in Minas Gerais province. The accident led to the closure of some of Vale’s iron ore mines in the province, including its second-largest mine Brucutu.

This is still way down on last year:

Way down. Not until Brucutu returns is this panic done and even then it will take more to drive prices a lot lower.

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