Brazilian miner and iron ore producer Vale said this week the Russian invasion of Ukraine will likely have an impact on nickel and iron ore pellet prices.
Both Russia and Ukraine account together for 25 percent of the global pellets markets, said Marcello Spinelli, Vale’s ferrous vice-president, according to a media report by Reuters.
The executive has pointed out that the extent of the impact will depend on the time the Russian aggression rages on. He said that at a first stage, the impact will be reduced production and pellet premium prices. Vale said if hit, the company will likely experience most impacts by Q2 2022.