In New York: BHP +4.3% RioIron ore lifts on Vale's lower output estimate
Timothy Moore
Vale said it expects to produce between 300 million and 305 million tonnes of iron ore this year, down from a prior target of producing between 310 million and 330 million tonnes.
In a regulatory filing, Vale also said it is estimating production will rise to between 315 million and 335 million tonnes in 2021.
While the revision and forecast disappointed Vale's investors, it has bolstered the outlook for BHP, Rio and Fortescue and extended iron ore's price rally.
Iron ore prices surged on Wednesday, supported by concerns over supply shortages in the first quarter of 2021, and some futures prices on the Dalian Commodity Exchange closed at seven-year highs, sources told Fastmarkets MB.
The spot price for iron ore surged $US4.16 or 3.1 per cent to $US136.29, according to Fastmarkets.
The most-traded iron ore for January delivery on China's Dalian Commodity Exchange gained as much as 3.5 per cent to a record high of 934.50 yuan ($US142.44) a tonne, before ending daytime trade at 934 yuan, Reuters reported.
Iron ore on the Singapore Exchange jumped 2.4 per cent to $130.24 a tonne by 0705 GMT, advancing for a seventh straight session.
In New York: BHP +4.3% RioIron ore lifts on Vale's lower output...
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