Tax cuts in China and the destruction of a dam in Brazil are boosting iron ore production. The outlook for rising iron ore prices will continue to boost Australia's large miners in the short term as they benefit from planned tax cuts in China and the Brazilian mine tragedy.
Marine iron ore shipments data analyzed by investment bank UBS showed shipments of Australia's four large miners, BHP, Rio Tinto, Fortescue Metals Group, and Roy Hill shipments to China, rose about 5% MoM and 4% YoY. in February.
Ore prices skyrocketed in the weeks following the Brumadinho dam disaster, which is estimated to have killed more than 200 people at the end of January and removed more than $ 90 a tonne of merchandise.
UBS reported that spot iron ore prices were well above its forecasts for the first quarter of 2019.
The mine disaster on January 25 was the result of a dam containing mining by-products bursting at the Brazilian mining giant Vale's Corrego do Feijao in the southern municipality of Brumadinho.
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