Commodities | May 24 2006
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By Rudi Filapek-Vandyck
Brazil’s Companhia Vale do Rio Doce (CVRD) has signed yet another supply contract for a 19% price increase for iron ore fines, but reports from China are still indicating Chinese steel manufacturers remain unwilling to give up their opposition to the price increase.
The latest steel producer to accept the large price increase is Arcelor, headquartered in Luxembourg, and CVRD’s largest single customer.
China consumes circa 43% of all iron ore supplies. China’s largest steel company, Baosteel, is leading negotiations with BHP Billiton (BHP), Rio Tinto (RIO) and CVRD on behalf of the major Chinese steel mills.
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