News that Vale is about to re-open its Brucutu mine has buoyed the market for forward freight agreements (FFAs), but has piled pressure on iron ore prices.
The Brazilian miner has announced operations would resume at Brucutu sometime before Friday, subsequent to a court decision.
Production volumes from Vale's Northern System will, however, continue to be impacted because heavy rains in March and April have disrupted shipments from Ponta da Madeira port and rail transportation, Vale said.
