Reports that Vale has invited Asian interest in direct ownership of its Brazilian mining operations reannounces that these are times as parlous and uncertain for the world’s biggest iron ore miner as they are for the whole steel supply chain.
Tianjin benchmark was 0.2% to $50.60. Paper firm but going nowhere. Rebar falling. We are running on the spot here. We can do it so long as Chinese restocking continues at ports but when it reverses look out. In the mean time steel will determine our course.
In news, Vale is selling mines, from the AFR:
