China’s 2025 steel demand to fall 1.5% on year, state research institute says
China's steel consumption in 2024 and 2025 is forecast at 863 million metric tons and 850 million tons, respectively.
Trafigura Group and Mubadala Capital are exploring the sale of a Brazilian iron-ore port terminal operator they acquired from former billionaire Eike Batista about a decade ago, according to people familiar with the matter.
The trading giant and the investment arm of Abu Dhabi’s sovereign wealth fund have held talks with banks as they seek a buyer for as much as the entirety of their holdings in Porto Sudeste, said the people, asking not to be named discussing private matters.
Trafigura and Mubadala bought a controlling stake in the Rio de Janeiro facility from MMX Mineracao & Metalicos, a Batista venture, in 2014. As part of that transaction, they also assumed debt securities that were linked to terminal royalties. The two of them hold about 85% of these notes, the people said.
Trafigura, Mubadala and Porto Sudeste declined to comment.
The port shipped 26.1 million tons of iron ore last year, up from 17.4 million tons a year earlier, but still below its capacity of 50 million tons, according to its latest financial statement.
Brazil’s largest iron ore producer, Vale SA, has its own export facilities and Porto Sudeste has struggled to attract users.
Mubadala plans on using proceeds to boost one of its investments in Bahia state, one of the people said. One planned refinery there is meant to produce green diesel and sustainable aviation kerosene.
(By Rachel Gamarski and Vinícius Andrade)
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