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Friday, December 9, 2011

Iron ore price offers steady but no impact from Vale ship incident

Friday, 09 Dec 2011

Iron ore price offers in top market China steadied on Tuesday as leaner steel demand curbed buying interest in the raw material, with Shanghai steel futures edging lower.

Traders said while a disabled mega vessel of top miner Vale in a Brazilian port has the potential to affect supplies if the problem is not resolved soon, it was too early to influence spot trading in iron ore.

Shipping agents and the ship's operator said that world's largest iron-ore vessel is disabled and could sink in a port where Vale, the world top producer, loads about 10 percent of global supplies of the commodity.

An iron ore trader in Singapore said that "It's not going to affect the (iron ore) market in the very short term but it has the potential to. It depends on how long it's going to take them for it to get off the berth.”

(Sourced from Reuters)

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