Chinese port Ningbo Zhoushan and Vale will launch an iron ore product called GF88, according to a media report by Reuters on Wednesday. Under the terms of the agreement, the port of Ningbo Zhoushan will provide construction, processing, loading and stocking services to market Vale’s 65 percent Fe iron ore product.
Vale said earlier this year it would start selling its GF88 iron ore product in Q1 2020. The GF88 iron ore product is produced at Vale’s Carajas mine.
The media report noted China’s demand for higher Fe content iron ore should increase in 2020.
Vale and the port of Ningbo Zhoushan are discussing the terms of the product launch, including output levels, among other details.
The GF88 iron ore will be produced at the port of Ningbo Zhoushan’s iron ore transfer terminal, in the Zheijiang province.