Iron Ore Giants Challenged in Race to Meet China Demand
- Brazil’s Vale misses output expectation; Rio mines disrupted
- Benchmark iron ore prices have surged past $180 a ton
Photographer: Ian Waldie/Bloomberg
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The world’s top two iron ore miners struggled to keep up with strong Chinese demand in the first quarter of 2021, hit by operational challenges and weather disruptions, in a positive sign for prices that are already at decade highs.
Brazil’s Vale SA churned out less ore than expected last quarter after lower productivity at one mine and a ship loader fire, with its recovery from an early-2019 tailings dam disaster proving a little slower than expected. Rio Tinto Group’s shipments were disrupted by wetter-than-average weather at its Pilbara operations in Western Australia.