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| Iron ore price negotiations -Vale seeking 90pct hike - 11 Mar, 2010 | ||
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The Nikkei reported that Brazilian mining giant Vale has proposed a more than 90% increase in iron ore prices in negotiations with Japanese steelmakers for fiscal 2010, Brazil's Valor newspaper has also reported on March 8th 2010 that Vale was seeking an increase of more than 90% for iron ore as spot market rates soar for the steel ingredient and that JFE was willing to accept the proposal. But a JFE spokesman had denied this news by saying "We have not received such an offer It is not true that we are willing to accept the offer.” (Sourced from theaustralian.com.au) Iron ore price negotiations - Goldman sees 60pct hike Goldman Sachs JBWere Pty said that iron ore contract prices may surge 60% to a record this year as demand from China increases and steel production recovers in developed economies. Goldman analysts Mr Malcolm Southwood and Mr Paul Gray wrote in report that “The annual price for Australian fines starting April 1, a benchmark for Asia, may rise to USD 96 a tonne from USD 60 a tonne a year earlier.” The analysts also raised their estimate for the so called spot, or cash, price of the ore by 15% to USD 113 a tonne for 2010 Goldman Sachs JBWere, an Australian unit of US bank Goldman Sachs Group Inc, on January 15th 2010 had raised its forecast for contract prices to a 35% gain from 20%. (Sourced from Bloomberg) | ||
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