The iron ore price, which has already surpassed $100 per ton, could rally higher yet as mining giant Vale (NYSE:VALE) faces ongoing issues at its Brazilian mines. At the same time, the other two members of the “Big 3,” BHP Billiton (NYSE:BHP) and Rio Tinto Plc (NYSE:RIO), have also signaled reduced iron ore production, adding to the inevitable global iron ore deficit.
All of these factors have caused the iron ore supply at major trading ports in China to drop to “critically low levels” and have spurred major supply concerns around the world.
There ...
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