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Sunday, September 07, 2008
Sunday, September 07, 2008
Latest Procurement News
Posted: Tuesday, February 19, 2008, 11:54AM
Iron ore deal sees prices soar in Asia
Iron ore prices are set to soar in Asia after Japanese and South Korean steel mills agreed to pay Brazilian miner Vale 65 per cent more over the next 12 months.
The move will see iron ore prices hit record levels for the sixth year in succession as demand in China continues to grow.
Analysts have claimed that fellow mining companies, Rio Tinto and BHP Billiton are also looking to raise their prices in the year ahead.
The price of iron ore has almost tripled over the past 10 years, and fears had been expressed that steel makers’ profits could be hit by an inability to pass on increased costs to customers.
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