MMi Daily Iron Ore Index Report April 01 2019

Despite VAT dropping to 13% from 16%, both futures and physical Iron ore port stock markets rose throughout today. Vale adjusted their iron ore sales expectation in 2019 down to 307-332 million mt, whilst Rio Tinto declared force majeure on some iron ore shipments due cyclone damage. Rio Tinto also lowered their iron ore sales to 338 million mt in 2019. Thus, iron ore supply is expected to shrink moving forward, while mills now look to buy.

Source: Metals Market Index (MMi)