Brazilian miner Vale S.A. (Vale) has issued a clarification regarding news released in the media about the company's commercial negotiations, stating that it has not published any new press release to the capital markets about its product prices.
In its statement, Vale has officially stated that it recently implemented a new marketing policy, involving, among other things, a more flexible approach in relation to prices of iron ore, including the basis of sale (C&F, FOB), and this flexibility is fully applicable to markets and customers in different regions where Vale operates.
In this context, Vale has also stated that the results of its marketing efforts will be publicly presented at the regular disclosure of its quarterly financial statements.
As SteelOrbis previously reported, Brazilian newspaper Valor Economico indicated that the company had sent a note to customers regarding plans to use market pricing based on Platts' Iodex index instead of the benchmark pricing system that has been used for decades. According to the report, the new prices, which could reflect an increase of up to 90 percent, were to be effective from April 1 until the end of June.
Additionally, the same report said that Vale would raise the price of Carajas sinter feed from last year's reference price of $57/mt to $122.20/mt.