Itochu Corp., Japan’s third-largest trading house, plans to retain its stake in a Brazilian iron-ore venture with Cia. Siderurgica Nacional SA after a failed expansion plan led partners to renegotiate terms.
China’s steel output will exceed 800 million metric tons next year as fixed-asset investment and economic growth remains steady, according to Li Xinchuang, vice secretary-general at the China Iron and Steel Association.
Freight traders are hiring record numbers of iron-ore carriers in the spot market as Chinese steel production expands at the fastest pace in three years, spurring the biggest rally in shipping rates since 2009.
China Steel Corp. , Taiwan’s biggest maker of the metal, is in talks with five groups to buy stakes in iron ore and coal mines to reduce its reliance on raw material suppliers as it increases production.