Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

RPT-Going long: Chinese steel mills chase iron ore contracts with Brazil's Vale

Published 24/09/2018, 09:00 am
© Reuters.  RPT-Going long: Chinese steel mills chase iron ore contracts with Brazil's Vale
FMG
-
VALE3
-
000906
-

(Repeats story from Friday with no changes to text)

* China needs higher grade, less polluting ore as it battles smog

* Country gearing up for second winter of steel production cuts

* Brazil's Vale is main supplier of high-quality iron ore

* Buyers looking for long-term contracts to lock in supplies

By Muyu Xu and Manolo Serapio Jr

DALIAN, China, Sept 21 (Reuters) - Chinese steel mills and traders are rushing to secure long-term contracts for high-quality iron ore ahead of winter steel output cuts, a boon for the main supplier of such grades of the commodity, Brazilian mining giant Vale VALE3.SA .

China, the world's biggest consumer of the steelmaking ingredient, needs higher-quality, less polluting grades of iron ore as it battles to clear its notoriously smoggy skies.

That demand highlights how China's prolonged war on pollution is shaking global markets for iron ore, the world's most heavily traded bulk commodity.

The push to get contracts for quality ore is gathering pace as China gears up to enforce industrial production limits on its northern region for a second winter, with top-steel producing city Tangshan aiming to curb up to 70 percent of mill output based on each plant's carbon emission levels. Jingye Group, a medium-size steel mill in the smog-prone northern province of Hebei, is looking for a contract with Vale for supplies of high-grade ore in 2019, a company official said.

That would follow on from a 2018 contract for 1.5 million tonnes of Vale's Brazilian Blend iron ore fines, or BRBF, with 63-percent iron content.

"We have already regretted not buying more BRBF. Even if we don't use all of it, we can still sell it in the spot market and make lots of money since prices have gone up so much," said Jia Zhanhui, who purchases raw materials for Jingye.

Vale, the world's largest iron ore miner, said it was running out of immediate supplies of some of its top-grade products, with demand from China surging.

"Chinese companies are looking for more long-term contracts with us because of the quality," Peter Poppinga, executive director for ferrous and coal at Vale, said on the sidelines of an industry conference in China.

"We are completely sold out in Carajas," Poppinga said, referring to one of the company's high-grade ores, with iron content of around 65 percent.

"We will allocate Carajas according to long-term contracts and according to some spot opportunities."

BIG FOUR

Of the world's big four iron ore miners, Vale stands to benefit the most from China's growing shift towards less pollutive raw materials due to its mostly high-grade products. firm on Thursday said it was looking to expand its flagship iron ore mine in Brazil to feed Chinese demand. you have a long-term contract with Vale in hand right now, it is easy for you to sell it in the market with $5.50 extra per tonne on top of the agreed prices on the contract," said an iron ore trader with government-backed Zheshang Development Group 000906.SZ . He declined to be identified due to company policy.

The price of 65-percent grade Brazilian-origin iron ore .IO65BO-CNO=MB had risen by a fifth since March to $96.80 a tonne on Thursday. Its premium over 62-percent grade iron ore fines .IO62-CNO=MB hit a record $29 this month.

"People are worried that the supply of high-quality material will not be able to meet market demand, so they are making some pre-orders to secure shipment," said the Zheshang trader.

Meanwhile, other miners such as Fortescue Metals Group Ltd FMG.AX said that appetite for lower-quality products remained robust.

Fortescue Chief Executive Elizabeth Gaines said the company's customers were seeking longer term contracts for its mostly 58-percent grade iron ore as mills rein in costs by mixing it with higher grade material.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC: Chinese steel mills rush to secure long-term contracts for high-grade iron ore

https://tmsnrt.rs/2MKCtzz

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.