Chinese Firms Boycott Vale’s 20% Iron Ore Price Hike and Seek Alternative Sources, an Industrial Info News Alert
Researched by Industrial Info Resources (Sugar Land, Texas) — Chinese iron and steel firms are now boycotting Brazilian mining giant Companhia Vale do Rio Doce’s (NYSE:RIO) (Vale) (Rio de Janeiro) move to raise the price of iron ore. At the beginning of September, Vale announced that it will raise the price of iron ore in long-term contracts by about 20% and threatened to cut supplies if the request is not honored. Several Chinese firms have signed supply contracts with domestic mining firms to replace the portion of iron ore imported from Vale, the China Iron and Steel Association said on September 25.
For details, view the entire article by subscribing to Industrial Info’s Premium Industry News at http://www.industrialinfo.com/showNews.jsp?newsitemID=139467, or browse other breaking industrial news stories at www.industrialinfo.com.
Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. For more information send inquiries to email@example.com or visit us at www.industrialinfo.com.
Related News Articles
Vale to Build $5 Billion Steel Mill in Northern Brazil
Global Mine Project Development Explodes to $240 Billion, a Feature of “Navigating the Currents of Change” on Industrialinfo.com
Japanese Steelmakers Join to Bid for Stake in Brazil’s Namisa Iron Ore Mines
Contact: Joe Govreau 713-783-5147
SOURCE: Industrial Info Resources