While continuing with its efforts to break into the Chinese market, iron ore miner Vale has secured a massive iron ore shipment for 16 million tonnes per year into China, which follows a recent deal that Vale has sealed with China COSCO shipping, according to Platts.
Murilo Ferreira, CEO of Vale has said that the two contracts of affreightment are central to the company’s to make China its core market place.
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PTI previously reported that iron ore shipments at China’s ports are set to reach 90 million tonnes.
This comes amid news that iron ore prices had declined in the last three years.
The increase in shipments is said to be due to the increased number of shipments coming from Australia and Brazil.