Bloomberg reported that Hong Kong based supplier of energy, food and mining commodities Noble Group Ltd bought five iron ore shipments from Ferrous Resources Ltd as China boosts its imports of the steelmaking material.

As per report Noble bought 750,000 tonnes to be delivered between next month and January, Mr Andre Simao CFO of Ferrous said that four trading companies bid for the cargoes, with Noble offering the best conditions.

China, the world’s biggest consumer of iron ore, boosted ore imports by 6.8% in July to 54.55 million tonnes as steelmakers replenished stockpiles. Belo Horizonte, Brazil based Ferrous is competing with miners including Vale SA and MMX Mineracao & Metalicos SA in boosting iron ore sales and output.

(Sourced from Bloomberg)