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Feb 06, 2019· The catalyst for this move in iron ore prices, unfortunately, was the breach of the dam at Vale’s Córrego de Feijão mine in Brumadinho in Minas Gerais state in Brazil.

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Iron ore is the raw material used to make pig iron, which is one of the main raw materials to make steel—98% of the mined iron ore is used to make steel. Indeed, it has been argued that iron ore is "more integral to the global economy than any other commodity, except perhaps oil".

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