Fortescue and Vale eye blending agreement

Iron-ore major Fortescue Metals has inked a non-binding memorandum of understanding (MoU) with Brazilian major Vale, under which the two companies would form joint ventures (JVs) to blend iron-ore products. The new blended product would be developed to suit the long-term needs of Chinese steel customers, and improve the efficiency of the supply chain to the steel industry, Fortescue said on Tuesday.