Key facts
- Offers for the port were below the sellers' desired price.
- The outlook for iron ore is considered cloudy.
Trafigura Group and Mubadala Capital have shelved plans to sell a Brazilian iron ore port, according to people familiar with the matter. The decision on October 23, 2026, came as bids for the asset fell short of the sellers' expectations amid a subdued outlook for iron ore. In related market movements, Vale's shares in New York rose 1.64% to US$12.40, recovering some of Thursday's losses, while Rio Tinto slipped 0.86% to US$83.42 and BHP gained 0.35% to US$77.85. Brazil's real strengthened 1.57% against the dollar, and the Ibovespa index rose 0.47%.