According to the data released on Sunday by the General Administration of Customs, China’s imports of iron ore reached 181.5 million tons in the fist two months of 2021, up 2.8% from 176.6 million tons a year earlier.

Fortescue shipped 3.42mn dwt, up from 3.01mn dwt the week before but 3pc below its average of 3.54mn dwt.

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The amount exceeded the previous record of 1.08 billion tons in 2017, said the General Administration of Customs.

"China has been the largest market for Vale since 2006 and has become more and more important to Vale in recent years," Xie said.

Infrastructure and contract mining group Aveng, which is at the tail-end of a far-reaching restructuring exercise that has been under way since 2017, has reported its first positive earnings since 2014, recording headline earnings of R109-million for the six m...

MACA marks the expansion potential of the China-Australia iron ore project