Today, the market is facing changes again, and the news of Vale’s suspension of operations supports the trend of steel prices in the afternoon. Although the steel futures continued to close down, the decline narrowed. The spot price was generally lowered in the early trading. A few traders bought bottoms. The market reported that there were price increases in the afternoon, and the price of steel stopped falling and stabilized.
In the latest news, Vale’s suspension of Timbopeba iron ore mining will affect the average daily iron ore production capacity of 33,000 tons. In response to this incident, Vale said that the suspension of operations was due to the suspension of operations of the company’s Estradade Ferro VitoriaMinas (EFVM) railway in the FabricaNova section. The local labor department ordered the suspension of mining activities near the Xingu dam in the Alegria mining area, so Vale will not be able to transport the iron ore produced at its Timbopeba mine.
After the news was released, the futures disk showed signs of stabilization. Iron ore eventually fell by 8.5 to close at 1149, and steel futures’ losses narrowed in the afternoon. As an important raw material for steel, iron ore has become a core factor supporting steel prices. The news is likely to trigger speculation in the capital market, and steel prices have stabilized.
Post time: Jun-08-2021