China's CMOC Expands into Iron Ore Market with Brazilian Partnership
CMOC Group Ltd., a major Chinese copper company, is entering the iron ore market through its trading division, IXM SA. IXM has signed a prepayment agreement with Brazilian mining company Itaminas Comércio de Minérios SA. This deal involves advance payments for long-term iron ore supplies, marking IXM's first venture into this sector. The agreement aligns with a trend among global traders like Vitol and Trafigura, who are expanding their metallurgical raw materials portfolios through similar prepayment arrangements. This move comes as iron ore producers seek private financing amid declining global commodity prices. 
