Vale has entered a third year of volatile iron ore exports from Brazil. A mining disaster in 2019 and the pandemic in 2020 have been followed by legal challenges to the opening of its Terminal Ilha Guaíba, located near Itaguaí. The port has been reopened and was the third largest port handling Vale’s iron ore exports in the 12 months to Feb. 28 with 14.5% of shipments. While Vale’s exports rose by 24.3% year over year in the three months to Feb. 28, they were nonetheless 29.4% lower than in the same period of 2019. China continues to dominate purchases from Vale and repres...