[2020-09-08] First Vale iron ore sold using blockchain is bound for China

Source: Macauhub

Brazilian miner Vale SA says it has made its first sale of iron ore using blockchain technology, selling 176,000 tonnes to a company in China.

Vale announced in writing that the ore was shipped from the Teluk Rubiah Maritime Terminal in Malaysia to Nanjing Iron & Steel Group International Trade Co. Ltd, a subsidiary of Chinese state-owned Nanjing Iron and Steel Co. Ltd.

Vale says the deal is a milestone marking progress towards reducing the paperwork needed for the sale of iron ore and towards greater predictability in the steel value chain.

The letter of credit was issued through the Contour blockchain platform, the Vale announcement says.