Brazil’s Mining Giant Vale to Launch WeChat Platform for Iron Ore Spot Sales in Yuan

Arch rival, Anglo-Australian Rio Tinto launched a WeChat programme for portside iron ore spot trading in March.

RIO DE JANEIRO, BRAZIL -  The largest producer of iron ore and nickel in the world, Brazilian miner Vale SA, said on Monday, November 9th, it plans to launch an iron ore spot trading platform on Chinese mobile app WeChat with the Beijing Iron Ore Trading Center Corporation (COREX) in early 2021 to facilitate yuan-denominated transactions.

Vale said it would be able to streamline and speed up its iron ore spot sales to China via the WeChat mini-program, and that the two companies had signed a memorandum of understanding during the China International Import Expo currently taking place in . . .

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