|
Vale impacted sharply by iron ore price down
|
Vale is suffering the heavy slump in exporting its spot iron ore contains 62% Fe to China at around US$132/ton CFR, down by 11% form mid-April.
According to market insiders, Chinese buyers probably attempt to make a breach of the contract with Vale because the tender of iron ore from Vale exceeded more than 100,000 tons every day in the past few weeks.
Chinese steelmakers tend to purchase iron ore from spot market instead of fixed contract with higher prices.
So far, the company is setting up its distributions in Philippines and Amen to offer the solution for the long-distance transportation. On the other hand, its distribution in Malaysia will be commissioned in 2014.
News Date
6/1/2012 10:44:27 AM
reported by
Vince
|
|
|
|
|