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Market Chatter: CMOC Trading Arm Enters Iron Ore Market with Brazilian Prepayment Deal

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CMOC's(SHA:603993) IXM SA has secured a prepayment agreement with Brazil's Itaminas for future iron ore delivery, marking the trader's debut in the steel-making material, Bloomberg News reported on Thursday.

IXM's prepayment deal with Itaminas mirrors similar moves by other industry players, as trading houses expand in iron ore while miners seek alternative financing amid prices below $100 per ton, the news wire said.

The arrangement gives IXM long-term supply while providing Itaminas with upfront cash, though terms remain undisclosed, the publication said.

CMOC, IXM SA and Itaminas did not respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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