SAO PAULO - Brazilian conglomerate Cosan said on Friday it had acquired a 4.9% stake in Vale and intends to increase its bet in the mining company.

Amid volatility in most commodity markets, iron ore has been relatively stable over the past two months.

The report highlights that, in 2021, shipments from domestic steel mills measured 94.7 million net tons (NT), up 16.9 percent from the previous year.

Hot-rolled coil advanced 2.3%, while stainless steel gained 0.3%.

The European stainless steel scrap market is facing a near-term demand crisis and high uncertainty going into the fourth quarter...

Vale added in a securities filing, however, that no decision has been reached yet on any potential transaction.

The company held guidance on FFI’s annual operating expenditure unchanged at $500 million to $600 million.

It was a 9.2% decrease from the 2,485,000 permit tons recorded in August and a 10.1% decrease from the August final imports total of 2,510,000.