Vale says high bunker prices helped lift the cost of its iron ore exports to China.
The Brazilian mining giant said in its quarterly earnings report that freight costs for shipping iron ore fines to China amounted to $21.30 per tonne in the second quarter, up 17.7% from $18.10 in the first quarter and a 21.7% jump from the $17.50 per tonne a year previously.
The higher freight costs were a contributor in lifting cash break-even levels for selling iron ore to China.
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