Daily FNArena News - Commodities

It would appear that this year’s negotiations for iron ore supply contracts have resulted in a victory for the three major producers. Sources say Chinese steel mills have abandoned their resistance to the proposed 19% price rise.

Chinese steel manufacturers are about to give up their opposition to a 19% price increase for iron ore this year, media reports on the basis of anonymous sources claim.

When the dust settled, the correction we had to have was pretty mild. Chances are we can return to normal programming from here.

Chinese steel manufacturers haven’t given up their opposition to the proposed 19% price increase for iron ore just yet. Officials are suggesting ongoing negotiations are likely to extend into June.

Equity analyst Andrew Garthwaite especially likes copper, zinc and platinum.

With market fundamentals solid as ever and the US hurricane season ahead, Barclays Capital believes the price of oil is likely to go up.

China Steel Corp is the latest addition to the list of CVRD customers accepting a 19% price increase for iron ore fines, but don’t be fooled by the name as the company is Taiwan’s numero uno.

Merrill Lynch’s Vicky Binns repeats her view that alumina prices have peaked and the effect should be felt by aluminium in 3-6 months.

CVRD has announced yet another iron ore contract, but it is not with China’s Boasteel.

Chinese steel production has taken the lead role in the world, but this has not helped at the negotiation table for annual iron ore delivery contracts. Should China blame itself?