Glencore Buys Five Iron-Ore Cargoes From Ferrous Resources
Cargoes totaling 750,000 metric tons of the steelmaking ingredient will be delivered starting next month, Belo Horizonte, Brazil-based Ferrous said in an e-mailed reply to questions today. The companies agreed on Platts iron-ore spot price for the shipments, it said, without specifying a specific value. Ferrous Chief Executive Officer Jayme Nicolato expects iron-ore prices to average $130 per deadweight ton this year, the company said in the same statement.
Glencore, based in Baar, Switzerland, traded 8.3 million metric tons of iron ore in the first half of 2012, an 186 percent increase from the previous year, the company said Aug. 21 in its interim report. It started the business in 2008.
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