Finance
January to $ 82 a ton in September .
Making the situation worse is the fact China has opened its ports to Valemax size carriers . Built by Vale , the vessels are the largest in the world and designed to carry iron ore from Brazil to around the world . Earlier this year , China Cosco signed a 25 year deal with Vale that involves 14 of the massivevessels .
“ The current regulation actually already legitimizes these vessels to berth at Chinese ports . If you look at how the ban was initiated in the first place , it will be unlikely for the government to make an official announcement with much fanfare that says the ban is loosened ,” an unnamed executive from stateowned port company explained .
“ Eventually , the ban will be lifted in a quiet manner . You may see a Valemax ship granted approval by a local maritime authority to dock , and that will be it . Officials realized the ban has hurt China ’ s economic interests , pushing up the costs for iron ore imports .”
Citigroup analysts said the price of iron ore is likely to average around $ 72 per ton in the first three months of next year before it crumbles into
Copper production
20 J anuary 2015