Market Chatter: CMOC Trading Arm Enters Iron Ore Market with Brazilian Prepayment Deal

MT Newswires Live09:25

CMOC's(SHA:603993) IXM SA has secured a prepayment agreement with Brazil's Itaminas for future iron ore delivery, marking the trader's debut in the steel-making material, Bloomberg News reported on Thursday.

IXM's prepayment deal with Itaminas mirrors similar moves by other industry players, as trading houses expand in iron ore while miners seek alternative financing amid prices below $100 per ton, the news wire said.

The arrangement gives IXM long-term supply while providing Itaminas with upfront cash, though terms remain undisclosed, the publication said.

CMOC, IXM SA and Itaminas did not respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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