Vale, one of the world's largest iron ore producers based in Brazil, said on Friday that it has signed a memorandum of understanding with China Baowu Steel Group Corporation Limited.

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Australian iron ore mining firms Fenix and Fe Limited are using hedging to keep operating, with most of their unhedged rivals having stopped production or development with the reality of a more than halving of the iron ore price over the past four months.

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“We expect iron ore prices to find a floor around current levels,” ANZ Research wrote in a note.

It added that it expected 2021 C1 iron ore extraction costs, which typically include only direct costs such as labor, to come to $19 per tonne.