China may run with Brazil ore

Chinese steel mills would prefer to import more iron ore from Brazil rather than Australia after the detention of four Shanghai-based employees of multinational miner Rio Tinto on charges of commercial espionage, according to data specialist ASXMarine.

Spot iron ore vessel bookings from Brazil to China surged to a record 39 in July, from 24 in the previous month, Reuters quoted the data from ASXMarine.