MINING.COM Staff Writer

The China Post reports two of China's largest rare earths producers Rising Nonferrous Metals Share Co. and Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-tech Co. — the listed arms of state-owned companies — said they signed a deal this week to cooperate extensively in the sector. China’s tightening grip on the market became clear last week when Hong Kong customs data showed rare earth ores, metals and compounds exports fell 11% over a single month while at the same time the value of exports surged 242%. News out on Friday of safety delays for a rare earth refinery in Malaysia that would have supplied some 39% of the elements outside China is expected to put further pressure on prices.

Bloomberg reports Vale SA, the world’s largest iron-ore miner, cut its target for 2015 output by 10%. The Rio de Janeiro-based company expects to produce 469 million metric tons a year of the steelmaking ingredient by that time, compared with an Oct. 28 forecast of 522 million tons, it said today in an e-mailed statement. No more details were given. Chief Executive Officer Murilo Ferreira, who replaced Roger Agnelli this year after the Brazilian government criticized Vale’s strategy, is cutting targets amid concern raw materials demand in China will slow as the country boosts interest rates to combat quickening inflation. The benchmark Standard & Poor’s GSCI commodity index is heading for a second monthly drop.