Daily iron ore price update (the trapdoor)

Texture from Reuters:

Vale, the world’s largest iron ore miner, said on Friday that Brazilian regulator ANM had allowed it to resume its Alegria mine operations, which were interrupted last March after a “stress test” failed to guarantee its stability. company said the resumption of mining activities at Alegria will allow it to restore 8 million tonnes of 50 million tonnes in capacity lost after the collapse of its Brumadinho dam in January caused a series of shutdowns.

…Benchmark spot 62% iron ore, which slumped to its lowest in more than seven months last week at $85 a tonne, based on SteelHome consultancy data SH-CCN-IRNOR62 , may average $90 this quarter and drop to $70 next year, said Andrew Driscoll, head of resources research at CLSA.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.