Rio Tinto pays $9.1 billion dividend as profit hits record

China iron ore futures rose to a record on Monday, the first session after a week-long national holiday, on concerns that supply from Brazil, the country's second-largest ore supplier, may decline after a fatal dam accident at a Vale mine.

According to the industry group, such reform would encourage additional investment in capital and technology.

The Responsible Mining Foundation says many of the world’s largest mining companies are not able to ‘know and show’ how effectively they are addressing the risks of tailings dam failure and seepage.

In the near term, the significant disruption to Brazilian supply will likely keep iron ore prices elevated and volatile.

"The 50% tax cut for U.S. Steel to stay in Gary is not going to cause a population growth and employment opportunities."

This week’s drama has played out as the most important iron ore user has been offline, with Chinese markets closed for Lunar New Year.

About 700 people were evacuated from two towns located near tailings dams operated by Vale and ArcelorMittal on mounting fears after last month's breach at Brumadinho, the country's deadliest mine disaster.

The National Mining Agency aims to issue an ordinance on Friday requiring that upstream tailings dams be taken down or converted into other types of dams.

Analysts believe the price surge lines up with the market halting up to 40 million metric tonnes of Vale’s iron ore production.