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Stefan Ioannou, mining analyst for Cormark Securities, shares how bad weather can affect the supply of iron ore
Ioannou explains how a tailings dam disaster in Brazil knocked out arguably 10 to 20 percent of iron ore production globally.
"On the back of that, there was difficult weather in Australia," he says. "There's a significant supply or lack thereof a picture evolving in the iron ore space."
World's largest iron ore producers
As a matter of fact, Australia and Brazil are among the world's largest iron ore producers and hold a large portion of the world's iron ore reserves.
Actually, Australia alone makes up half of the world's iron ore exports. Brazil on the other hand, exported around 23 percent of the world's total iron exports.
According to the stat above, Australia has 24,000 million metric tons of iron content and about 50,000 of crude ore. Brazil on the other hand, has 17,000 million metric tons of iron and 32,000 crude ore.
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