Brazilian miner Vale has shortened the terms of contracts for iron ore pellet premiums to a quarterly basis this year to adjust to the market's volatility.
Since the third quarter of the year, the company has been negotiating its pellet premiums on a quarterly basis. Vale's pellet premium contracts were previously settled on an annual basis."We started the year with annual premiums [for pellets]," Vale executive director of ferrous and coal Marcelo Spinelli said in a conference call with analysts on Friday October 25."Because of the volatility there was a need to negotiate with our clients every quarter," he added.The changes occurred in the third quarter and...