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 fell on Wednesday, languishing below $100 a tonne, as steel prices slumped in China.
A weaker yuan added to the gloomy mood, with Shanghai rebar futures hitting their lowest in more than six months.
Benchmark 62% Fe fines imported into Northern China fell 3.22%, to $97.83 per tonne, the lowest since November.
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The most-traded September iron ore on China’s Dalian Commodity Exchange ended daytime trading 4.6% lower at 682.50 yuan ($98.74) a tonne, touching its lowest since May 5 at 682 yuan.
China’s yuan surrendered all the gains it made this year against a basket of currencies of its trading partners amid fresh tensions in Sino-US relations.
The currency’s weakness added to lingering concerns about top steel producer and metals consumer China’s patchy economic recovery, Sinosteel Futures analysts said in a note.
China’s steel demand — which did not meet expectations for the peak construction season between March and May — is likely to remain muted, and as steel mills comply with China’s production limits to curb emissions.
“In the medium term, the crude steel production control policy will lead to a significant drop in iron ore demand, while the long-term outlook is also relatively pessimistic,” Sinosteel analysts said.
(With files from Reuters)
