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Iron Ore Climbs to 3-Month High as Deluge Halts Brazilian Mines

  • Vale stopped some operations due to heavy rain, dam concerns
  • Prices seen ‘firm’ on mill demand, interrupted supply: Mysteel
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Iron ore advanced to the strongest level since the middle of October as heavy rains disrupted southeastern Brazil’s iron ore industry, with the world’s No. 2 producer Vale SA among companies halting operations and regulators sent to monitor the impact on tailings dams. 

Vale has partially suspended services on the Estrada de Ferro Vitoria a Minas railway as well as production at its southeastern and southern systems “to guarantee the safety of its employees and communities,” the Rio de Janeiro-based supplier said in a statement Monday.