Vale on China and Iron Ore Suppliers
Vale's CFO states that the company has a "pretty positive relationship" with China Mineral Resources Group.
It's not in anyone's interest to strain this situation because it could lead to a breakdown in the supply chain, which would be negative for everyone.
According to Vale SA executive, China is dependent on foreign deliveries of iron ore and cannot afford to abandon key suppliers like Vale, BHP Group, and Rio Tinto Group.
- China established China Mineral Resources Group in 2022 to centralize ore purchasing.
- CMRG's efforts to centralize purchases have caused market disruption and clashes with BHP.
Vale's CFO, Marcelo Bacci, emphasizes the mutual dependence between China and iron ore suppliers.
Author's summary: Vale has a positive relationship with China Mineral Resources Group.