Vale’s iron ore mining disaster in February has had a knock-on effect across commodity markets. The disaster has led to a rapid decline in iron ore stocks with Vale’s production falling 11.1% year over year in 1Q 2019. That’s led S&P Global Market Intelligence’s Metals & Mining team to cut its global output expectations with the result that there’ll be a global seaborne deficit of production versus supply of 36 million tons in 2019 and 11 million tons in 2020. Panjiva’s data shows Vale’s exports to China have been cut slightly less than average, with a 29.2% year over year decline in Mar...