China's Baoshan Iron & Steel Co Ltd, listed as one of the country's largest steel producers, has completed its first Chinese currency iron ore deal with Brazil's Vale SA.
China, the world's largest consumer of iron ore, is trying to leverage its influence on steel ingredient pricing to help its market fluctuations in steel mills.
The purchase, valued at about 330 million yuan ($ 47.33 million) last month, is part of Baosteel's long-term contract with a leading Brazilian iron ore producer, Baowu said in a statement Thursday.
Baosteel has been facilitating the settlement of the yuan-denominated iron ore trade with foreign suppliers since 2019 and has entered into import deals with countries including South Africa and Ukraine, totaling about 240 million yuan, the report said.
China's second-largest steelmaker HBIS Group also announced last month that it had struck 200 million yuan of iron ore deals with Vale's yuan-denominated stake.
Chinese Baosteel and Brazilian Vale Sign First RMB Deal
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Azovpromstal® 7 February 2020 г. 10:39 |
