Shanxi Province issued an urgent order on Friday (June 11th) ordering non-coal mines in the province to suspend operations and begin mining safety investigations following an Iron ore mine accident the day before. There is a feeling that we need to prioritize safety issues over business indicators. In the following, we will examine more dimensions of this issue. Please be with Artan Press.
*** Iron ore mine accident in Shanxi Province, China
The accident started when the shaft machine No. 4 of Dahong Kai iron ore mine was involved in the accident on Thursday. Thirteen miners were killed in the accident, causing casualties and financial losses. According to the latest news published in the journal Metal Bulletin Analysis, as of this writing, the water level in the shaft has decreased. Rescuers are searching for rescuers.
*** Dimensions and reasons of the mine accident
Dahong Kai Iron Ore Mine is located in Xinjiang City, Shanxi Province. And is managed by Dahong Kai Mining Company. The company is engaged in iron ore screening and sales of iron ore concentrate. Many market participants in China said the impact of the iron ore mine accident was significant as all non-coal mining operations in Shanxi Province were halted and may play a role in boosting iron ore futures on the Dalian Commodity Exchange on Friday.
*** The latest price changes affected by the Shankashi incident
Iron ore futures traded at 1,247 yuan ($ 195) a tonne in September, up 69 yuan a tonne from Thursday. Fast Market Index for Iron Ore Concentrate 66%, Cfr Qingdao stood at $ 232.01 per ton on June 9. The previous day it was $ 213.91 per ton. The weekly index will be released later today.
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