From The Guardian:
CVRD, the Brazilian mining group, is having the world’s largest ore carriers built to export iron ore to China as the latter’s insatiable demand for the raw materials to produce steel has pushed freight rates through the roof.
The company, which last summer won the battle for Canada’s Inco with a bid of ¬£9.4bn, has ordered four ore carriers with a capacity of 388,000 tonnes. [Full text]
See also a report from last month about CVRD’s worries that fulfilling China’s demands for iron could cause a shortage in Brazil’s iron ore market.
