SPG signs an agreement regarding deepening cooperation with Vale, the world's largest producer of iron ore and nickel, in Shanghai on Nov 6. [Photo/WeChat account: Shandong-Port]

Shandong Port Group, also known as SPG, signed a memorandum of understanding (MOU) on deepening cooperation with Vale at the China International Import Expo on Nov 6. Vale is the world's largest producer of iron ore and nickel.

Meanwhile, Yantai Port also reached an agreement with the Port of Ponta da Madeira in Brazil, which is currently operated by Vale, to establish a sister-port relationship.

According to the MOU, three subsidiaries of the port group – Qingdao Port, Rizhao Port and Yantai Port – will continue to conduct business with Vale in areas related to loading, unloading, blending, and storage, as well as the water-to-water transshipment of iron ore. It is expected that the two will take advantage of the benefits brought about by the new projects, in a bid to provide more quality services for China's iron and steel industry.

In terms of sister ports, SPG now boasts a total of 37.

Li Fengli, general manager of SPG, said that ports are fundamental and pivotal facilities, as well as important pillars for economic development.

He added that the overall aim is to promote the sound development of the iron ore industry, in order to ramp up concerted efforts to ensure the stability of industrial and supply chains, and to make a greater contribution toward developing China's new "dual circulation" development pattern.