Hebei Iron and Steel (HBIS) plans to buy 30,000mt of Fortescue Metals’ 60pc Fe West Pilbara fines in what is reported to be the first transaction made in Chinese yuan with the Australian iron-ore producer.

 

According to media reports, the Chinese steel company sent an email to Fortescue with the spot cargo order on Monday, without disclosing the monetary value of the trade. 

 

This trade signifies China’s surging demand for iron ore to feed its need for steel used for its rapidly growing infrastructure and construction sector. China is focused on sourcing iron ore from both Australia and Brazil. 

 

Recently, the Asian country received 400,000mt of iron ore from Brazilian miner, Vale through the latter’s Valemax shipment at the port of Yantai, Shandong. 

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