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China Plays Hardball with Iron Ore Producers, Seeking 82% Reduction in Price
China may soon ask the world”s top iron ore producers to reduce the prices they charge for the key steel component by as much as 82%.
Just months ago, BHP Billiton Ltd. (ADR: BHP), Rio Tinto PLC (ADR: RTP) and Brazil”s Vale (ADR: RIO) negotiated an 86% price increase in the benchmark price of iron ore as demand for steel boomed.
“Iron ore prices should keep pace with steel prices which have fallen to the 1994 level,” Shan Shanghua, secretary in general of the China Iron and Steel Association, told Bloomberg in a phone interview. “We are asking for a big drop…
9Dec2008 | Money Morning | 0 comments | ContinuedChris Matthews from Hardball dances with Ellen
The Hardball Shuffle — I’d give him an “A” on the intro.
20Mar2008 | S. Oakes | Comments Off | Continued
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