Brazilian miner Vale SA and Beijing Iron Ore Trading Center Corp. (COREX) have agreed to begin early next year using the Chinese mobile phone application WeChat for spot trading in iron ore, Vale says.
The mining company announced in writing on Monday that the partners are still developing the WeChat trading platform.
Vale says the trading mini-application will make it easier and quicker for Chinese to buy iron ore with yuan.
The announcement quotes China Iron and Steel Association Deputy Secretary-General Wang Yingsheng, who witnessed the signing of the agreement in Shanghai, as saying the trading platform will bring added value to the Chinese steel industry by ensuring a continuous supply of high-quality iron ore.
COREX is a joint venture by big steel companies in China and four mining companies abroad, including Vale, the Vale announcement says.
(Source) Permanent Secretariat to the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao):