Courts in Brazil have ruled that up to 12.6 billion Reais ($3.44 billion) of Vale’s assets and resources will be frozen after the rupture of a tailings dam at Vale’s Córrego do Feijão iron ore mine, the miner stated on Friday February 1.

Market participants will take a cautious stance on steel raw materials in 2019, with the possibly of falling iron ore and coking coal prices hanging over the market, Fastmarkets MB analyst Miriam Falk said.

Codelco’s Chuqicamata flash copper smelter will remain offline for at least a month longer than previously expected, with a large-scale upgrade at the plant experiencing delays, the company told Fastmarkets.

First Quantum Minerals has resumed copper production at its Las Cruces mill in Spain after a land slippage last week, by processing lower-grade stockpiled ore.

Asian ferrous scrap prices are riding surges in iron ore prices and much-needed restocking activity by steel mills and are continuing on an upward trend, Fastmarkets heard on February 1.