https://newsletter.mw.creamermedia.com
DIGITALISATION|Innovation|Iron Ore|Paper|Service|Steel|Technology
DIGITALISATION|Innovation|Iron Ore|Paper|Service|Steel|Technology
DIGITALISATION|innovation|iron-ore|paper|service|steel|technology

Vale completes first iron-ore sale using blockchain

The cargo was shipped from the Teluk Rubiah maritime terminal, in Malaysia, to China.

The cargo was shipped from the Teluk Rubiah maritime terminal, in Malaysia, to China.

4th September 2020

By: Creamer Media Reporter

     

Font size: - +

Brazilian iron-ore major Vale has made its first sale using blockchain technology, a move which the company said was an important step towards the digitalisation of the sales and trade process.

The sale with Nanjing Iron & Steel Group International Trade, a subsidiary of Nanjing Iron and Steel, was for a cargo of 176 000 t of Brazilian blend fines (BRBF) from Teluk Rubiah Maritime Terminal, in Malaysia, to China.

“It is an important milestone towards the digitalisation of the sales and trade process, bringing innovation to the traditional paper-intensive trade transactions and offering a better service to the clients, as well as predictability in the steel value chain.”

The letter of credit was issued through Contour blockchain platform, while the shipping documents and the electronic bill of lading were handled through essDOCS' CargoDocs solution - with all actions carried out through a single, interfaced platform consolidated in Contour.

The transaction also had the support from DBS Bank and Standard Chartered Bank Malaysia Berhad.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (14/03/2025)
14th March 2025 By: Martin Creamer
Magazine round up | 14 March 2025
Magazine round up | 14 March 2025
14th March 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.163 0.239s - 129pq - 2rq
Subscribe Now