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Thursday, January 12, 2012

Vale is yet to sell huge iron ore cargo in China - Report

Thursday, 12 Jan 2012

Reuters quoted traders said Brazilian miner Vale has not yet sold a huge iron ore cargo delivered to China via the maiden voyage of its giant dry bulk vessel to its top market two weeks ago, opting to store the material near a port.

The 388,000 deadweight tonne vessel, Berge Everest which carried 350,000 tonnes of iron ore, docked and unloaded the ore at China Dalian port in late December, ending months of delays in getting the world biggest dry bulk ships into China.

An iron ore broker in Singapore said "It was discharged into a bonded warehouse in Dalian. From Vale's point of view, it's not particularly wise to sell right now given the lackluster demand from Chinese mills."

He said that "There's a lot of material in bonded warehouses across the coast at the moment because of the demand situation."

(Sourced from Reuters)

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