Brazilian miner Vale has closed a yuan-denominated iron ore deal supply with Chinese steelmaker HBIS Group, China's second-biggest steel producer, according to a media report by Reuters.
The deal was worth 200 million yuan ($28.8 million), the media report noted, adding the trading arm of the Chinese group secured two letters of credit to buy the commodity from the Brazilian producer.
Vale sold its first yuan-denominated iron ore deal contract in November 2019, in a spot transaction with China's Yongfeng Group, according to Reuters.
HBIS reportedly the credit letters from a bank Hong Kong and another in mainland China.