State-owned metals and mineral trading firm China Minmetals signed a 20 million tonne iron ore purchase agreement with Brazilian mining giant Vale on Tuesday.
The agreement was signed during a ceremony at the China International Import Expo in Shanghai.
China is the world's biggest consumer of the steelmaking ingredient.
Minmetals also signed a 2,400 tonne nickel briquette purchase agreement with Japan's Sumitomo Corp. That was for purchases over a five-year period.
Discounts are narrowing for lower-priced 62pc mainstream iron ore fines imported to China as shrinking profit margins force steel mills to shift their focus to controlling costs.
China's customs will maintain strict volume quotas for coal in an effort to reverse growth in imports that run counter to the policy goals of the country's main planning agency.
Vale SA is holding talks with Brazilian officials about expanding the world’s largest open pit iron-ore mine to meet growing Chinese demand for the high-grade ore.
Indian iron ore pellet prices have fallen by around 7.5pc so far this month to around $125/dry metric tonne (dmt) cfr China, hit by a drop in demand in the wake of less stringent environmental restrictions imposed on mills.
The 13th Iran International Auto Parts Exhibition opened on Monday in Tehran.Held at Tehran International Fairground, this year’s event brings together 191 foreign and 526 local automotive firms.
Aliquefied natural gas cargo from the United States has arrived in China, the first such cargo since Beijing imposed a tariff on US imports, shipping data from Refinitiv Eikon showed on Monday.