Today in metals, Chinese steel players and traders were bullish on new iron ore joint ventures from Brazil’s Vale SA and Fortescue Metals Group. China’s copper producers petitioned the government to allow blending of toxic concentrates at the nation’s ports.
Vale, Fortescue Joint Venture Could Attract Chinese Business
Planned joint ventures between major Brazilian iron ore miners Vale SA and Fortescue Metals Group could make their supply more attractive for China’s mills, improving and adapting quality at lower costs, Chinese steel players and traders told Reuters.
Vale and Fortescue, along with Rio Tinto Group and BHP Billiton, account for more than 70% of global iron ore exports.
Chinese Copper Producers Want Toxic Concentrates Blended at Ports
China’s copper industry is urging the government to allow the blending of raw material copper concentrate imports when they land at the country’s ports, which will allow for cheaper, though toxic, supply to arrive.
Li Baomin, who is the chairman of China’s biggest integrated copper producer, Jiangxi Copper Co. Ltd., proposed that the government allow blending operations in “special administrative areas” at ports to help stabilize supplies of copper concentrates and cut buying costs, according to a report by China Nonferrous Metals News on Monday.