Commodities
Vitol Hires Glencore, Trafigura Iron Ore Traders in Metals Push
The moves are the latest evidence of big energy traders using some of the mega profits earned in oil and gas to aggressively expand into metals markets.
Photographer: Vincent Mundy/BloombergThis article is for subscribers only.
Vitol Group is poaching iron ore traders from rivals Glencore Plc and Trafigura Group, as the world’s biggest oil trader ramps up its efforts to expand into metals.
Vitol has been in talks to hire some of Glencore’s iron ore team, and some members have already quit and will be joining Vitol, according to people familiar with the matter, who asked not to be identified discussing private information. Vitol is also hiring the former head of China iron ore trading for Trafigura, some of the people said.