Despite the low activity from Western Australia, the market is rather optimistic about Vale as the Brazilian miner expects to restart its Brucutu mine with capacity of 30 million mt production year in near term.
According to trade source, the Brucutu mine has already produced 10 million mt per year through the dry-stacking process that did not use the tailing dam. The remaining 20 million mt is expected to restart over the next few days.
The restart, if finalized, might imply more cargoes from Brazil and the miner also pledge to increases iron ore shipments out of its S11D projects.
So far, the miner has reportedly fixed around 10 Capesize vessel over the past two weeks and any more vessels are welcomed by the market.
Source: Maritime
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