Upwards of 70 million tonnes of Brazilian iron ore looks like being off the market from now on – news that is likely to spark a surge in global prices. The global iron ore market has been thrown into confusion by the move by Brazilian Vale to declare force majeure on some iron ore and iron pellets contracts after a court-ordered halt to a mine responsible for nearly 9% of its output following a dam burst which likely killed more than 300 people. The move, along with the decision by the company to shut1 0 dams at its mines and a subsequent court order extending the closures to include the company’s second biggest mine ... (full story)