Hoa Phat Signs Iron Ore Supply Deal With Anglo American

Mining Weekly reported that Vietnamese steel producer Hoa Phat Group has signed a deal to purchase 300,000 tonnes of iron ore from Anglo American Plc (LSE:AAL) for delivery next year.
As quoted in the market news:

The ore, priced at around $55/t for delivery to a Vietnamese port in the first half of 2016, will be used at Hoa Phat steel complex in the northern province of Hai Duong, the Hanoi-based firm said in a statement late on Wednesday. Weaker domestic output of the steelmaking ingredient has prompted Hoa Phat to resort to imports.
In June, it took delivery of 55 000 t of iron-ore. The latest deal will help the Hoa Phat complex expand steel output to 1.8-million tonnes in the first quarter next year, the statement said.

Click here to read the full Mining Weekly report.