Brazilian court clears BHP, Vale and Samarco of charges in 2015 dam disaster
A court in Belo Horizonte ruled that state prosecutors failed to prove that "individual actions" directly contributed to the collapse of the dam.
The iron ore price rose on Wednesday, supported by renewed optimism around demand prospects in China.
Benchmark 62% Fe fines imported into Northern China rose 1.36%, to $106.94 per tonne.
On China’s Dalian Commodity Exchange, iron ore’s most-traded September contract ended daytime trade 0.3% higher at 724 yuan ($104.74) a tonne. It earlier touched 733 yuan, its strongest since April 24.
Mysteel reported that six steel mills in North China’s Shanxi province will gradually resume production in the coming two weeks amid improved margins, thanks to lower production costs.
That will likely increase the daily blast furnace capacity utilization rate to 89% from 74.8% as of May 9, Mysteel analysts said.
Expectations of expanded stimulus for China’s economy amid an uneven recovery also kept iron ore prices supported.
“Certainly there is a feeling that Chinese authorities are likely to announce further supportive measures over the coming weeks,” said Al Munro of broker Marex.
(With files from Reuters)
