Vale’s iron ore output totaled 68 million tonnes in 1Q21, 14.2% higher than in 1Q20, but down 5.5% compared to the 72 million tonnes average analyst estimate.

Canadian miner declared force majeure on some Chinese contracts last month due to covid-19-led curbs.

Its Oktyabrsky mine will resume full production this month after flooding and is already running at 60% capacity.

February high will be tested sooner or later, said Saxo Bank.

The Australian Stock Exchange notched up 42 IPOs in mining-related businesses over the past 12 months despite the Covid-19 pandemic.

The company and minority partner BHP have spent $2 billion but have yet to produce any copper.