Vale Says 10% of Seaborne Iron Ore is Unprofitable With Prices at 2 Year Low

Capesize freight rates from Brazil to China hit a multiyear high of $41.55/t in September, an increase of about 70% over the previous year. Meanwhile, Singapore futures fell below $90/t this week for the first time in 2 years, declining 15% since the start of the year due to weak demand from China and new supply from Guinea's Simandou project. Pimenta stated that while the market is correcting a glut, the timing for a price rebound remains uncertain.