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Vale Partners with China’s Jinnan Steel to Build Iron Ore Processing Plant in Oman

The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
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Vale Partners with China’s Jinnan Steel to Build Iron Ore Processing Plant in Oman

The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)

Brazilian miner Vale, one of the world's largest iron ore producers, said on Monday it had partnered with China's Jinnan Steel Group to build an iron ore beneficiation plant in Oman to produce high quality pellet.

With the front-end investment exceeding $600 million, the plant, which will be located in Oman's Sohar port and free trade zone, will provide higher quality iron ore for producing pellet and hot briquetted iron (HBI) locally, reducing environmental impact, Vale said in a statement on its WeChat account.

The Sohar plant is scheduled to start commissioning in mid-2027, processing 18 million metric tons of iron ore annually to produce 12.6 million tons of high grade concentrate, it said.

"We are strengthening our capability to meet rising global demand for high grade iron ore and further expand our exposure in the Middle East region," said Gustavo Pimenta, chief executive officer (CEO) at Vale.

Vale will invest $227 million for the connection of the beneficiation plant and the pellet and HBI production facility while Jinnan Steel, a private steelmaker headquartered in north China's Shanxi province, will invest about $400 million for the building and the operation of the plant.

Vale did not disclose the equity share held by each party.

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Polish, Czech Republic Curb Bond Sales as Iran War Turmoil Jolts Markets

A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026. EPA/REHAN KHAN
A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026. EPA/REHAN KHAN
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Polish, Czech Republic Curb Bond Sales as Iran War Turmoil Jolts Markets

A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026. EPA/REHAN KHAN
A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026. EPA/REHAN KHAN

Poland canceled a bond swap tender and the Czech Republic slashed the size of a planned auction for Wednesday as the Iran war roiled global markets, sending regional yields surging, debt managers said on Monday.

Bonds across the globe sank on Monday as the US-Israeli war with Iran pushed surging oil prices near $120 a barrel, heightening investor fears over inflation which may prompt European central banks to hike interest rates this year.

"Due to the increased volatility on the domestic market... the bond swap tender planned for (March 11) will not be organized," the Polish finance ministry said in a statement, Reuters reported.

"The consistently built pool of liquid funds at the disposal of the Ministry of Finance, exceeding 160 billion zlotys ($43.34 billion), makes it possible to take actions adequate to the market situation."

Meanwhile, the Czech finance ministry said it would nearly halve its bond offer at a Wednesday auction to 5 billion crowns, from a previously planned 9 billion crowns, in reaction to developments in global markets.

Polish 10-year bond yields reached 5.723% at 1412 GMT, having earlier scaled one-year highs, while Czech 10-year yields stood at 4.993%, their highest level in more than two years.

Elsewhere in the region, Hungary's 10-year bond yields rose to their highest since November 2023, with the 10-year paper bid at 7.46%, up nearly 100 basis points from late-February levels.

Hungarian debt agency AKK did not immediately respond to emailed questions on whether it planned any measures to follow moves by the Polish and Czech finance ministries in response to the market turmoil.

Slovakia, a euro zone member, has confirmed it still planned to sell bonds maturing in 2031, 2036, 2037, 2043 at an auction on March 16.

Business

Global Sugar Prices Rally as Oil surges, Driven by Middle East War

Small pieces of sugar (Pixels)
Small pieces of sugar (Pixels)
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Global Sugar Prices Rally as Oil surges, Driven by Middle East War

Small pieces of sugar (Pixels)
Small pieces of sugar (Pixels)

World sugar prices surged on Monday as the US-Israel war with Iran disrupted oil supplies, pushing crude oil prices to $119 a barrel and sparking fears that Brazilian cane mills would ramp up ethanol production at the expense of sugar.

Most ethanol in Brazil, the world's largest sugar producer and exporter, is made from sugarcane, meaning increased cane allocation for biofuel production would reduce the raw material available to produce sugar.

At 1422 GMT, raw sugar price futures on the ICE exchange rose3.4% at 14.58 cents per lb, while white sugar futures were up 1.5% at $420.70 a metric ton, after earlier gaining nearly 3%, Reuters reported.

Ethanol demand is growing thanks to soaring crude oil prices, which have now more than doubled since the start of the year, said Alberto Peixoto, director at broker and consultant AP Commodities.

Oil prices soared to their highest levels since mid-2022 earlier, as the Strait of Hormuz remained virtually closed, cutting off countries worldwide from a fifth of global oil and liquefied natural gas supplies.

The spike in energy prices has overshadowed the impact of a rising dollar, which usually curbs dollar-priced commodities like sugar by making them more expensive for non-US currency holders.

What is keeping sugar's gains in check, however, is the risk of weaker demand from the Gulf States. According to sugar consultant Michael McDougall, the Gulf imports roughly 10% of the world's raw sugar via the Strait of Hormuz each year.

In other soft commodities traded, arabica coffee rose 1.1% to $2.9645 per lb, having gained 4.5% last week, while robusta coffee dipped 0.3% to $3,763 a ton, having gained 4% last week.

London cocoa was little changed at 2,315 pounds per ton, while New York cocoa was also little changed at $3,229 a ton.

Business

EU Should Press Ahead with Energy Market Integration After Iran Crisis, Spain’s Cuerpo Says

Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT
Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT
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EU Should Press Ahead with Energy Market Integration After Iran Crisis, Spain’s Cuerpo Says

Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT
Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT

Spain's Finance Minister Carlos Cuerpo said on Monday that current discussions among European governments would be an opportunity to integrate energy markets in Europe after the war in Iran caused oil prices to jump to their highest since 2022.

"We can take advantage of the situation to put an additional element of urgency and pressure to make progress on the integration of our energy markets, including interconnections of our grids," Cuerpo said after a Eurogroup Finance Ministers meeting in Brussels.

He added the best lesson the EU learned from the market crisis caused by the war in Ukraine was to have a coordinated response.