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Iron ore prices in China reached a record high on Tuesday as market participants wrestled two dilemmas, namely the likely temporary weather-related disruptions from Australia and the rather more serious safety outages in Brazil. A major tropical cyclone hitting the main producing and shipping areas in the world's largest iron ore miner was always likely

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Iron ore, a key ingredient in the manufacture of steel, has high demand in the US and Germany, who are leaders of steel importers on the global market. Chivhu iron ore deposits have been ranked the biggest, unexploited iron ore deposit in the world, estimated to be worth trillions.

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Iron Ore Dispute Jeopardizes Strategic Partnership in . Workers at New Zimbabwe Steel Limited, formerly Zimbabwe Iron and Steel Company, said Friday that Indian steel giant Essar Africa Holdings has withheld October salaries following a dispute with the government over the transfer of ore reserves and Harares failure to issue share certificates to the firm under their partnership deal.

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Iron ore exports from Brazil dropped to 23.3 million tonnes in March, according to Refinitiv, which was the lowest since the data started to be compiled in January 2015. Iron ore futures on the Dalian Commodity Exchange rose 4.2 percent on Tuesday to reach 665.5 yuan ($99) a tonne, the most since the contract starting trading in 2013.

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Zimbabwe has huge iron ore deposits associated with banded ironstone formations in greenstone belts. Major deposits are estimated to be over 30 billion tonnes of reserves. Deposits with high-grade ore are found in Buchwa and Ripple Creek. Significant ironstone deposits include the huge Mwanesi deposit west of Chivhu and Nyuni near Masvingo.

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