Singapore (Platts)--29May2012
Rio Tinto, the world's second-biggest iron ore exporter, sold its first cargo on the China Beijing International Mining Exchange Tuesday, sources with direct knowledge of the matter said.
The cargo was 165,000 mt of 61%-Fe Pilbara Blend fines loading in June. The specific laycan would only be confirmed by the miner at a later date, said one of the sources. It was bought by state-owned trader China Minmetals Corp. at $134.50/dry mt CFR China.
Minmetals bought the cargo because it needed to replenish stocks, said one of the sources.
"I think it is a fair number," said a Hong Kong-based trader. "Over the last few days, we also negotiated a few shipments of PB fines at around $131-132/dmt but couldn't get the cargo."
Platts assessed the 62%-Fe Iron Ore Index at $132.50/dmt CFR North China Monday, unchanged on the day. The IODEX is the most widely used spot price index to price physical long-term contracts.
So far, Vale and BHP Billiton are the other two miners to have sold cargoes via the platform, which is backed by the China Iron & Steel Association.
--Keith Tan,
--Celestyn Wong,
--Edited by Haripriya Banerjee,
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