Brazilian iron ore producer Vale is likely to wait until the
end of the Lunar New Year to sell a massive cargo of iron ore that was
delivered into the Chinese port of Dalian via one of its “very large ore
carriers” or VLOCs at the end of December, two traders said.
Vale docked its Berge Everest, one of its supersized ships
also known as a Valemax, on Dec. 29 with about 350,000 metric tons iron
ore, according to Chinese state-run media.
Iron ore brokers Wednesday confirmed that the cargo had been
unloaded and put into bonded warehousing, a London-based trader said. “They're sitting
on it and waiting to sell. It's a big lot to auction in one go,” he noted.
The trader said Vale will likely wait until the end of the
Lunar New Year when Chinese traders return to work to sell the cargo. Vale is “happy to wait” until Jan. 25, he said, the date when full trading activity
resumes.
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