By using the yuan rather than the US dollar to price iron ore this will increase the internationalisation of the Chinese currency and so reduce Chinas vulnerability to any possible US financial sanctions.
Using the yuan for domestic sales will also reduce volatility in iron ore prices and improve the resilience of the domestic economy in line with the governments new dual circulation strategy analysts added.
This will enable Chinese steel mills to have a bigger say in iron ore pricing Chinese steel mills will be able to minimise their exchange rate risks as the vast majority of steel they produce is consumed in China MySteel senior analyst Li Hongmei said.
This will also help China internationalise its yuandenominated iron ore derivative contracts on the Dalian Commodity Exchange.
Brazilian ironore major Vale has made its first sale using blockchain technology a move which the company said was an important step towards the digitalisation of the sales and trade process.
Rio Tinto and Vale as well as rival Australian iron ore giants BHP Group and Fortescue Metals have all confirmed they recorded their first yuandenominated iron ore transactions in China in the last 12 months.
In October 2019 Rio Tinto agreed to be paid in yuan for a shipment to a steel mill in northern Chinas Shanxi province while in November Vale struck its first yuandenominated sale with the trading arm of Shandong Laigang Yongfeng Steel It also agreed other yuanpriced deals with China Baowu Group and Hesteel earlier this year.
In May BHP agreed a 100 million yuan US146 million sale with Chinese steel giant Baosteel and pledged to continue sales in yuan while Rio Tinto closed a 100 million yuan shipment to Ansteel last month while Fortescue Metals started yuanbased ore sales in July.
Last week Australianbased Rio Tinto the worlds second largest iron ore miner also struck a deal with Ningbo Zhoushan Port Group to open a facility at its Beilun port to blend different grades of iron ore to meet specialised demand from more steel mills in the Yangtze River Delta and South China.
Sep 04 2020nbsp018332Iron ore miners and steel producers increasing points to a further rise in iron ore sales an increasing amount of an area which accounts for a quarter of Chinas gross domestic product.
Jul 21 2020nbsp018332Alongside steady sales of seaborne iron ore to support longerterm contracts Rio Tinto the secondlargest diversified miner in the world gained 61 new customers for portside trading.
Wrought Iron Hand Forged By Master Blacksmith It has been our experience that when most customers are shopping for wrought iron products the correct presales questions are seldom asked which can result in them making a poor choice and a loss of their investment.
According to the World Steel Association steel is the most commonly used alloy in the world Global steel consumption is forecast to grow by 12 per annum over the next decade.
Iron ore is vital for the production of Steel industry to be subsequently used in Automotive Construction and other Industrial applications Market Dynamics Thus the increase in worldwide demand for iron ore production is the primary driver for the market.
Today new technologies have great potential to improve how we engage with our markets For example our China portside customers will be able to order iron ore via a mobile app.
Today we produce five iron ore products in Western Australia including the Pilbara Blend the worlds most recognised brand of iron ore used in steelworks as sinter plant feed or direct blast furnace feed.
Our Pilbara Blend products are the worlds most recognised brand of iron ore and are known for their highgrade quality and consistency Our Pilbara Blend products make up approximately 70 of our iron ore product portfolio It is also the largest and most liquid iron in the market today known as the US dollar of iron ore Our higher grade ores also contribute to reducing GHG and other air emissions which along with its liquidity and consistent quality makes our products the preferred iron ore for the steel industry in China.
Our Yandicoogina products have a 58 iron content and low impurities and produce a highiron sinter It is used by customers in East Asia and Southern China as the base load in their sinter blendnbsp.
Our Robe Valley products have a lower iron content and a low phosphorus content which is valued by specialty steel producers with more niche applications.
Since its first loaded run in July we have safely and steadily increased the number of autonomous trips across our iron ore operations in Western Australia AutoHaultrade have travelled more thannbsp16 million kilometres in 2018.
AutoHaultrade improves safety by reducing risk at level crossings and through its automated responses to speed restrictions and alarms It also eliminates the need to transport drivers to and from trains midjourney saving almost 15 million kilometres of road travel each year It also improves cycle times by using information about the train and rail network topography to calculate and deliver a safe consistent driving strategy.
The iron ore concentrate price per tonne is determined by the quality and product specifications as well as the market conditions The analysis of the iron pellets and iron concentrate available from the Simurgh iron and steel company is presented below.
Vale has recently completed its first sale of iron ore using blockchain technology with Nanjing Iron amp Steel Group International Trade Co Ltd a subsidiary of Nanjing Iron and Steel Co Ltd NISCO for a cargo of 176 000 t of Brazilian Blend Fines BRBF from Teluk Rubiah Maritime Terminal in.
Sep 03 2020nbsp018332Sept 3 Reuters Brazils Vale conducted its first iron ore sale via blockchain to a subsidiary in China of Nanjing Iron amp Steel in what the mining company said was an important milestone towards digitalization of sales.
Below are the 15 countries that exported the highest dollar value worth of iron ore during 2019.
By value the listed 15 countries shipped 968 of globally exported iron ore in 2019Among the top exporters the fastestgrowing iron ore exporters since 2015 were China up 17407 India up 9244 Peru up 1731 and Mauritania up 1565.
The following countries posted the highest positive net exports for iron ore during 2019 Investopedia defines net exports as the value of a country8217s total exports minus the value of its total imports Thus the statistics below present the surplus between the value of each countrys iron ore exports and its import purchases for that same commodity.
Australia generated the highest surplus in the international trade of iron ore In turn this positive cashflow confirms the country nicknamed The Land Down Under8216s strong competitive advantage for this specific product category.
The following countries posted the highest negative net exports for iron ore during 2019 Investopedia defines net exports as the value of a country8217s total exports minus the value of its total imports Thus the statistics below present the deficit between the value of each countrys iron ore import purchases and its exports for that same commodity.
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