Iron ore futures contracts have reached two-year highs driven by a dam collapse at a Vale mine in Brazil. The work of the mine was suspended which affects the volume of supply in the market.
Such an accident is difficult to fix in a short time. And the market agrees. We see it in the prices of long term futures contracts.
Since the accident the rise in the value of futures contracts amounted to
18% - 24% on the NYMEX
10% - 15% on Dalian Commodity Exchange in US Dollars
