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[Ferro-Alloys.com] Vale's decision to suspend iron ore mining at its Itabira complex in Brazil will have little effect on the Chinese and global iron ore market despite the marginal effect on the Brazilian market, analysts said.
Brazil's Vale SA was earlier ordered by a court to shut operations at the Itabira complex after 188 workers in the facility tested positive for COVID-19 recently. The complex accounts for about a tenth of Vale's total iron ore output.
"Due to the shutdown, there will be a disruption in iron ore supplies during the first six months of this year, but we still expect a surplus in the second half of this year," said Zhu Yi, a senior analyst for metals and mining at Bloomberg Intelligence.
"We expect the temporary shortage in iron ore supplies won't pose too much of an impact on the iron ore market in China, which has already resumed production."
Future contracts for iron ore and other energy-related products in China rose on Monday, with iron ore rising by more than 5 percent, crude by 5 percent and fuel oil by 3 percent.
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