That is partly correct. Vale's mine produced around 7.8 million tonnes of iron ore in 2017, accounting for around 0.5 % of the traded iron ore market.
But "as the Commonwealth Bank’s Mining and Energy Commodities Analyst Vivek Dhar explains, whether the subsequent price spike is sustained beyond the short-term may be determined by Brazilian environmental regulators." He said:
“We expect iron ore prices to rise sharply in the short term before eventually easing.“In the scenario that Vale’s mining licences are suspended, we could see prices remain supported for a prolonged period.”
But nevertheless
Read more at https://www.*.com.au/iron-ore-price-bull-market-brazil-mine-disaster-2019-1
Pellet Price, page-819
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