Vale, the world's largest iron ore producer, said on the 16th that 80% of its iron ore is currently sold at current prices, and despite the price decline, demand in the Chinese market remains strong. The Chinese steel company, the largest customer of the Brazilian mine, contributed to this spot pricing system. The average price per ton of iron ore in the fourth quarter was US$141.8, down 11% year-on-year and 20% quarter-on-quarter. Traditionally, iron ore is priced annually, and a small group of mines and steel companies negotiates benchmark prices; the more transparent iron ore spot futures market is booming. Reuters said that Chinese steelmakers prefer the latter because the rapidly falling prices of steelmaking materials are benefiting them. Vale CFO Tito Martins said on the 16th that China's demand accounted for 32% of the company's revenue in 2011, he said he will continue to expand its market share in China, although not to mention specific figures. According to Vale's data, the amount of iron ore imported from China in 2011 increased by 11%, equivalent to 65% of its total exports.
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Vale also expressed confidence that the 400,000-ton Valemares ship will be docked at the Chinese port. In early February, the Ministry of Communications of China made a decision to restrict the port from accepting the berthing of super-large dry bulk carriers and oil tankers.
Spot price of 80% iron ore in Vale, the world's largest iron ore producer
Abstract Vale, the world's largest iron ore producer, said on the 16th that 80% of its iron ore is currently sold at current prices, and despite the price decline, demand in the Chinese market is still strong. The Chinese steel company, the largest customer of the Brazilian mine, contributed to this spot pricing system. Iron ore per ton in the fourth quarter...