Steelmakers Flex Muscle on Ore Platform

(Beijing) – The world's largest iron ore supplier, Vale SA, signed an agreement on April 17 to join a newly launched spot trading platform for iron ore in China.

Following Fortescue Metals Group and Rio Tinto, the Brazilian mining giant is the third international miner to become a founding member of the platform. Promoters say it will give China's steelmakers more control over the prices they pay for iron ore, particularly the huge quantities shipped from Australian and Brazilian mines.