Peru’s mining exports fell in the first eight months, the first accumulated year-on-year drop in 2022.

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.

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.

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

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.

In the week ending on October 1, 2022, domestic raw steel production was 1,700,000 net tons while the capability utilization rate was 77.1 percent.

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