Never before have the Australian mining companies Rio Tinto and BHP Billiton shipped more iron ore to China than they are doing right now. The battle for the market is intensifying after the world's largest producer of iron ore, Brazilian Vale, was successful in opening the doors to China with the company's 400,000 dwt Valemax vessels which have otherwise been prohibited at the Chinese ports, writes Reuters.
In the second quarter, Rio Tinto has increased its production of iron ore by nine percent while BHP is also expected to present a solid increase in production. Vale has also begun to put pressure on its miners after the approval of the Valemax vessels, which are twice as big as the Australian miners' ships and enable Vale to lower freight costs.
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