Brazilian miner and iron ore producer Vale has inked an iron ore supply deal with China Minmetals, according to a media report from Reuters this week. The deal was announced during China’s International Import Expo in Shanghai.
Under the terms of the deal, Vale should provide 20 million mt of the commodity for an undisclosed period of time. China is the world’s top iron ore consumer.
China Minmetals is a state-run company under the direct supervision of the State-owned Assets Supervision and Administration Commission (SASAC). It produces and sells metals and minerals, including copper, aluminum, tungsten, tin, antimony, lead, zinc, and nickel.
Earlier this week, Vale also signed an iron ore pellet supply deal with Emirates Steel.