World's largest iron ore miner Vale has temporarily suspended operation at its Malaysian Distribution Centre for about 10 to 15 days owing to fire broke out.
The operation hault is to add to the initial disruption caused at Vale due to force majeure so declared due to dam collapse on 25th Jan'19.
What is Malaysian Distribution Centre?
Malaysian distribution Centre is the supply point in Asia where Brazilian ore is stored and blended facilitating reduced delivery time from Vale. The ore supply from distribution centre drops the delivery time to 10 days against 45 days from Brazil. The distribution centre handles around 30 MnT of iron ore per year.
Amidst force majeure declared by Vale, the miner cut down 40 MnT iron ore and pellet availability along with additional 30 MnT of raw material shortage due to operation hault at Brucutu mines. The fire broke out at Malaysian centre is expected to further increase material shortage in the global market.
Sponge iron market seems to remain strong, as per manufacturers in central & eastern India. Rising raw material prices & active demand are likely to keep Indian sponge iron prices supported, they added.
Department of Mines and Geology (Govt. of Karnataka) has floated the tender for auctioning of 4 iron ore blocks in Karnataka for its 4th phase.
Indian spot steel prices sharply surge by INR 300-600/MT in a day on improved demand in finished steel products amid positive outlook. The sources have reported better response from the stockiest & end user segment.
Following the development of a process to generate lithium phosphate from waste materials, Lithium Australia (ASX: LIT) announced this week that its experts have now developed a technique for removing impurities from the lithium phosphate resulting in an exceptionally high-purity refined product.
The iron ore market is on a surge, the price last week punching up through the $100-per tonne level for the first time in five years.
Indian Ferro Manganese prices remained unchanged from the previous week in both domestic as well as export market. Domestic market is still highly affected by the Malaysian imports