Iron Ore prices top $100 a tonne for the first time in 5 years

Brazil’s Vale, the world’s largest Iron Ore producer dropped its shipments in the month of April by around 60% below average level for the month because of the Brumadinho dam burst. Concurrently, shipments from BHP, Rio Tinto and Fortescue Operations in Western Australia was impacted due to cyclone Veronica which hit the Pilbara region. These shortcomings are expected to be met largely by other producers like China, India, South Africa, Mongolia, Canada. This will subsequently hike the prices for Iron Ore in India, as well.