Mitsui Co, Brookfield to Buy Control of Vale's VLI Unit

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Vale has decided to sell control of its VLI unit–the company’s general cargo operations, or operations not directly related to the movement of Vale’s own output of iron ore and other minerals–to Mitsui Co and Brookfield, reports Reuters.

“Under the agreement Brookfield, Mitsui and FGTS will share control of VLI under a shareholder’s agreement, Vale said. Mitsui already owns 15 percent of Valepar, which controls Vale through a 53 percent voting stake.”

The Indian nickel cash price saw the biggest decline of the day, dropping 0.3 percent on Wednesday, September 18. The spot price of nickel weakened by 0.3 percent on the LME, settling at $13,770 per metric ton. Weakening prices followed two days of improvement as the 3-month price of nickel dropped 0.3 percent on the LME to $13,860 per metric ton.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome continues hover for the fifth day in a row. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.

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The price of Chinese primary nickel saw a 0.2 percent decline. The price of Chinese 316 stainless coil was unchanged. The price of Chinese 304 stainless coil saw little movement. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap held steady.