China accounted for 34.6 percent of 3Q invoicing for Brazil’s Vale

27 October 2011

Rio de Janeiro, Brazil, 27 Oct – China accounted for 34.6 percent of invoicing of the Brazilian mining group Vale in the third quarter of the year, consolidating its position as main buyer, indicate the annual report and accounts released on Wednesday in Rio de Janeiro.

During the period in question, Asia’s share in the group’s accounts rose from 50.9 percent in the second quarter to 53 percent, growth that reflects greater participation by the Chinese companies which in the second quarter accounted for 31.3 percent of Vale’s turnover.

The figures released by Vale rank Brazil in second place, dropping from 18 to 16.7 percent, while Japan kept its third place with the same 11.4 percent recorded in the second quarter. Germany ranked fourth, with an increase from 6.3 to 6.5 percent.

The USA, which saw its share drop from 3.8 to 3.4 percent, lost its fifth place position to South Korea, which accounted for 3.9 percent of the mining group’s sales from July thru September.

During the three-month period Vale registered record invoicing of US$16.741 billion, 15.5 percent more than in the second quarter. Profits fell by 13.8 percent to US$4.94 billion, which according to the company was due to appreciation of Brazil’s currency, the real. (macauhub)