Vale has announced a joint venture with Ningbo Zhousan Port to spend $624 million over at least three years to build a new iron ore port in China. According to Vale that “reduces the time needed to reach Asian markets” and allows “the use of smaller vessels” as part of its wider blending strategy for Brazilian iron ore exports. Vale’s exports of iron ore from Brazil have recovered since the pandemic but were still 8.0% lower in August than a year earlier. Shipments to China have been prioritized, shown by a 13.4% surge in August to reach the highest since...