Global Covid-19 effects could cut iron ore supply by 18 mln tonnes in 2020, Vale says

Nationwide lockdowns and restrictions on activity to contain the Covid-19 pandemic could reduce the supply of iron ore in the seaborne market by around 18 million tonnes this year, according to mining company Vale.

The Brazilian company gave its estimate in a presentation filed with the country's securities commission, CVM, on Tuesday March 31.
Government actions intended to limit the spread of the virus have led to output reductions in South Africa, Canada, India, Peru and Malaysia, Vale said. Supply from other African countries was also reduced, it added.

These lockdown initiatives will last for 21-28 days, depending on the country. Seaborne...

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