The Hesteel Group Company Limited, formerly known as Hebei Iron and Steel, has paid for a shipment of iron ore from Brazilian mining group Vale in yuan for the first time, Chinese news agency Xinhua reported.
The steel group last week paid around 200 million yuan (US$29 million) to the Vale group, one of the largest global producers and exporters of iron ore.
It was the first time that the Chinese group paid for iron ore imports with Chinese currency and also the first time that Vale has adopted the futures prices of iron ore on the Dalian Commodity Exchange (DCE) as a reference to set the price, according to the Chinese group.
China, which is the world’s largest importer of iron ore, in May 2018 opened iron ore futures on that commodities market to international investors. (macauhub)