Brazil's Vale (VALE5.SA), the world's top iron ore miner, will not switch to monthly iron ore contract pricing and will stick to quarterly pricing, Vale's global marketing director Pedro Gutemberg said.
"Vale is selling all contracted volumes on quarterly pricing. It is very happy with the quarterly prices and has no intention to switch to monthly prices at this time," Gutemberg told Reuters.
"We believe the three-month period is good enough to avoid major gaps with actual market prices and, on the other hand, smooth volatility of the monthly period."
To price its contracted iron ore, Brazil's Vale uses a quarterly system in which prices are decided by a three-month average of the Platts North China 62 percent FE CFR index IODBZ00-PLT beginning four months before the relevant quarter。（Reuters）
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