China Iron Ore Prices Spike on Woes at Vale

China iron ore prices spiked to a nearly two-year high when trading resumed after the weeklong Lunar New Year holiday on concerns connected to Brazil’s Vale SA, a top supplier to a Chinese industry that producers over half the world’s steel.

Vale’s supply situation has been in focus since Jan. 25, when a dam associated with one of its mining operations burst in Corrego do Feijao in the state of Minas Gerais. The accident left 165 people confirmed dead and another 160 missing, according to data as of Feb. 10. Vale uses such dams and the lakes they hold up as part of its mining operation to hold tailing, or mining waste.