CHINA will not import iron ore from Brazil-based Vale in the short term, a finance newspaper reported today.
Shan Shanghua, secretary general of the China Iron and Steel Association, said domestic ore will replace Brazilian products in a meeting on Tuesday that was attended by major Chinese iron and steel groups, according to China Securities Journal.
The association considers the move reasonable due to weak demand for steel products at home and abroad, as well as price and quality advantages for domestic ore products.
This is the second meeting since Vale requested a price increase after annual contracts were signed. The request violated international rules on iron ore price negotiations, the report said.
The Brazilian miner has sought to raise prices for ore sold to Asian steel mills to bring it in line with agreements with European customers. Market watchers said Vale’s move may have been taken to position itself for a new round of price talks for iron ore that will start in November.
Cia Vale do Rio Doce, the biggest exporter of the raw material in the world, exported about 97 million tons of iron ore to China last year, industry sources said.
Vale traditionally grants discounts to Asian customers to make up for higher shipping costs compared to products from Australia, the report said.
Representatives of Bao Steel, Wuhan Steel, Jinan Steel, Shougang Mining Company, Benxi Steel Mining Company, Shunfeng Steel Mining Company of Liaoyang and Miyun Metallurgy Mining Company from Beijing attended the association’s meeting.
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China to stop iron ore imports from Vale
By Tom Qian
26 September 2008
CHINA will not import iron ore from Brazil-based Vale in the short term, a finance newspaper reported today.
Shan Shanghua, secretary general of the China Iron and Steel Association, said domestic ore will replace Brazilian products in a meeting on Tuesday that was attended by major Chinese iron and steel groups, according to China Securities Journal.
The association considers the move reasonable due to weak demand for steel products at home and abroad, as well as price and quality advantages for domestic ore products.
This is the second meeting since Vale requested a price increase after annual contracts were signed. The request violated international rules on iron ore price negotiations, the report said.
The Brazilian miner has sought to raise prices for ore sold to Asian steel mills to bring it in line with agreements with European customers. Market watchers said Vale’s move may have been taken to position itself for a new round of price talks for iron ore that will start in November.
Cia Vale do Rio Doce, the biggest exporter of the raw material in the world, exported about 97 million tons of iron ore to China last year, industry sources said.
Vale traditionally grants discounts to Asian customers to make up for higher shipping costs compared to products from Australia, the report said.
Representatives of Bao Steel, Wuhan Steel, Jinan Steel, Shougang Mining Company, Benxi Steel Mining Company, Shunfeng Steel Mining Company of Liaoyang and Miyun Metallurgy Mining Company from Beijing attended the association’s meeting.
How I Got My Loan From A Genuine And Reliable Loan Company
I am Mrs.Rabeca Rajan I live in Singapore I am from India i was in need of a loan of S$100,000 and was scammed by those fraudulent lenders and a friend introduce me to IBRAHIM MUSA,and he lend me the loan without any stress,I made a vow to Myself and God that I will keep sharing my testimony on the internet on how I got my loan. Here its E-mail: powerfinance7@gmail.com
BORROWERS APPLICATION DETAILS
1. Your Full names:_______
2. Contact address:_______
3. Country Of Residence:______
4. Loan Amount Required:________
5. Duration:_____
6. Gender:_____
7. Occupation:________
8. Monthly Income:_______
9. Date Of Birth:________
10.Telephone Number:__________
Email Kindly Contact Him Via: powerfinance7@gmail.com
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