Chinese steel mills chase iron-ore contracts with Brazil's Vale

Chinese steel mills and traders are rushing to secure long-term contracts for high-quality iron-ore ahead of winter steel output cuts, a boon for the main supplier of such grades of the commodity, Brazilian mining giant Vale.

China, the world's biggest consumer of the steelmaking ingredient, needs higher-quality, less polluting grades of iron ore as it battles to clear its notoriously smoggy skies.