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Mining Company Vale Plans to Launch a Spot Trading Platform (Wechat) for Iron Ore on the Chinese Mobile App WeChat with Beijing Iron Ore Trading Center Corporation (COREX)
The world’s largest producer of iron ore and nickel, the Brazilian mining company Vale, announced on Monday, November 9, that it plans to launch a spot trading platform for iron ore on the Chinese mobile app WeChat with the Beijing Iron Ore Trading Center Corporation (COREX) in early 2021 to facilitate transactions denominated in yuan.
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Optimization in Vale’s Iron Ore Sales Process
Vale states that it will be able to optimize and accelerate its spot sales of iron ore to China through the WeChat mini-program, and that the two companies signed a memorandum of understanding during the China International Import Expo currently taking place in Shanghai. China, the world’s largest steel producer, consumes over one billion tons of iron ore per year, an important ingredient in steelmaking.
Rio Tinto, BHP Group, and Vale began selling iron ore to Chinese mills in yuan as China pushed to increase its influence over prices. Rio Tinto launched a WeChat program for spot trading of iron ore at the port in March. Operated by Tencent Holdings, WeChat started as a messaging service and now has over one billion users globally.
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Power of WeChat
For most Chinese people in China, WeChat is a kind of all-in-one app: a way to share stories, chat with old colleagues, pay bills, coordinate with coworkers, post envy-inducing vacation photos, buy things, and get news. For the millions of members of the Chinese diaspora, it is the bridge that connects them to the comforts of home, from family conversations to food photos.
