The ferrous complex lifted slightly on March 25, 2020. Spot firmed with paper. Thought the latter pulled back overnight. Steel has not updated. CISA output for mid-March continued to pull back sharply though it remains insane. Perhaps on anti-pollution measures:
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In news, Vale has a few problems:
Two civic organizations have asked iron ore miner Vale SA to cease mining operations at its major Serra Norte complex in northern Brazil, according to documents seen by Reuters this week, as a major COVID-19 spike tests the capacity of the region’s hospitals.
The requests came from the lawyers’ guild for the town of Parauapebas and the regional doctors’ association, according to the documents.
Parauapebas, a city of 210,000 people where the Serra Norte complex is located, entered a lockdown on Sunday, due to a significant increase in coronavirus cases. Mining, however, is considered an essential activity and Vale’s operations there continue.
It will probably be OK but must be watched.
Firm pricing through to May remains the base case.