Strong demand for seaborne iron ore and uncertainties over Brazilian supply of the steelmaking raw material continue to prop up spot prices despite Vale's resumption of operations at its Itabira mining complex.
"Even though the Itabira complex is good to resume, market participants still don't expect Vale to hit its target of 310 million tonnes this year, and low iron ore inventories at Chinese ports are supporting prices as well," a trading source in Shanghai said.The Sub-Secretariat for Labor...