Iron ore had one of its wildest years in 2021.

A previous proposal put forth by the company was rejected by bondholders in July.

Chinese miners and raw material providers benefiting from higher commodity prices at the expense of manufacturers.

The additional payment is due to changes in the calculation of a mineral extraction tax and the excise tax on steel.

Vale is considering acquiring a stake in Anglo American’s huge Minas-Rio project.

Iron ore has undergone a transformation from a relic of the industrial age to the driving force behind a commodity supercycle that reshaped the global economy.

The price fell on Wednesday as concerns over covid-19 curbs and the approaching off-season for construction activity in China soured sentiment.

The volatility is set to persist into 2022 as a rebound in steel production this month falters early next year.