Chinese steelmaker Baosteel has closed a deal to buy iron ore from Brazilian miner Vale, according to a media report by Reuters. The deal was closed in a yuan-denominated transaction, worth 330 million yuan or about US$47.1 million based on today’s currency.
The media report said the transaction was completed in December, and is one of a few that Vale has closed recently. Neither Vale nor Baosteel disclosed the quantity or grade of the product to be supplied by the miner to the Chinese steelmaker.