Vale board members in a ‘state of war’ over CEO succession — report
Last week, consulting firm Russell Reynolds delivered a list of 15 potential successors for Eduardo Bartolomeo.
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)
