Vitol Makes First Trade in Iron Ore

Reuters reported Vitol has made its first major move into iron ore, with an offtake agreement with London Mining (LSE:LOND).

As quoted in the market news:

Traders and banks have been piling into physical iron ore trading alongside strategic buyers seeking to secure volumes, attracted by large trading volumes, a pricing mechanism that is becoming far shorter and China’s appetite for steel as it expands cities, power lines and rail links.

Click here to read the full Reuters report.