Vale Cuts Uphold The Same Against The Domestic Steel Prices - Iron Ore, Spot Prices, The Chinese

Many large steel mills in the country has stopped importing iron ore

, long-term contract price less than the current price situation, in September to raise additional Asian steel prices on the long association of 12% of the iron ore giant freshwater Brazil Valley companies do not give up the prices asked. China Steel Association official said, China's steel enterprises will never accept Vale's price demands.

Domestic steel price increases of the same resistance

Yesterday, the reporter was informed that CVRD decided to cut in the form of cost-cutting, the company CEORogerAgnelli said it would stop or reduce production costs of some higher yield areas, and maintained its price increases.

Domestic steel mills to resist Vale agreed price increases. Jinan Iron and Steel announced that, in Brazil, CVRD raised prices, the company promptly took measures to organize the procurement of foreign and other domestic source of ore, ore present the company imports and domestic ore stocks sufficient to ensure stable production. It is common to resist Vale iron and steel price increases of the result of unreasonable, is a common behavior of buyers and sellers, there is no break for the so-called unilateral, even there is no single break for the Jinan Iron and Steel.

Other side "of death" a great demand in China next year

According to report, Baosteel high prices recently went to Brazil to discuss the issue with CVRD, the result is broke up. The annual international seminar on Chinese steel materials but can not see the international three year Iron ore Suppliers figure shows the relationship between supply and demand sides cold and confrontational mood, or in the year before Vale's top sponsor of the conference, which is seen as a year Iron ore talks Preheating.

Agnelli also said the global economic recession, China's economic growth is slowing. As a major steel producing countries, China's demand for iron ore in the past few weeks has also been slow. He also mentioned that China condemned the price hike requests. But he believes that the Chinese fear of interruption of supply. "As China's largest iron ore supplier, Vale hope to the middle of 2009, China's iron ore demand to rebound until the completion of large stocks of iron ore consumption, China will realize that other mining companies will unable to meet their needs, the economic crisis will not affect Vale in 2009 14.2 billion U.S. dollars of investment plans. "he said.

Learned that as Vale refuses to ship the Chinese steel enterprises in the transportation of iron ore shipment, resulting in losses for Chinese steel enterprises. China's Steel Association said the people concerned, many ship coming back to China, China's steel enterprises will never accept Vale's price demands.

Spot price of Australian iron ore in India 24% lower

Imported iron ore spot market last week, the Indian ore prices have dropped to CIF74 U.S. dollars / ton (63.5%), 24% lower than in Australia as much as mine, with the prices and trading volume did not enlarge, that the current price from the buyer psychological level there are still gaps. The abnormal depressed steel market conditions, the iron and steel enterprises is trying to reduce inventory, making purchases in previous years Dongchu disappeared in 2008.

According to the latest statistics, domestic iron ore supply to total 68.37 million tons, as much as 8 million tons more than demand. Analysis, although the September-October iron ore market has experienced an avalanche-style crash, but that does not mean that from November to December the market supply and demand side will thus improve the contrary, the problem of supply exceeding demand may be more severe.

Last Thursday, Baltic Dry Index closed at 1149 points, the highest since October 1999 from a record low; year fell 357 points, or 23.71%. Three huge ship market downturn, the superposition effect of negative factors not only promote the capsize last week, the cost of rent levels below the bottom line. If the current market conditions continue to deteriorate, the situation is expected idle capacity will further expand and spread to the low age of the vessel capacity.

by: gaga

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