Vale Admit Discretion To Buy Steel Prices
"Behavior Vale canceled prices still save the dismal decline of iron ore." In the
November 6 meeting of the 2008 China's steel industry chain development and investment summit, clad former chairman Lin Dong Lu said.Lin Dong Lu prices referred to CVRD cancellation behavior, is this year in September, the largest iron ore producer International Vale suddenly tearing up the treaty, the negotiations unilaterally up to 65% in the year based on price rise , once again forcing the steel company rose 12%, and threatened to break for.
This, the China Iron and Steel Association (CISA), executive vice president Luo told reporters that the downstream steel industry as a serious slowdown in demand, steel companies, while upstream and downstream from the unbearable squeeze, iron ore Stone prices have continued to decline in the space.
Three mining giants will be subject to impact
Price increases of Vale from its miscalculation of the situation. This year in September, Vale cuts iron ore the face of global steel demand slowing in reality, China and other Asian customers to make the request.
Time just last month, the world's major steel mills have announced in a substantial cut in the news, Vale was forced to admit after the decision is wrong.
"Has canceled the average price of iron ore demand by 12%." November 3, President RogerAgnelli Vale said in an interview.
Vale canceled for the behavior of prices, on October 5, China Steel Market Research Association Deputy Minister Chen Xianwen said, "Vale and the unknown will be the China Steel Association."
Vale may not notice the China Steel Association. Baosteel chairman Xu Lejiang in China Taiwan is a local media interview said, "Vale has withdrawn the proposed fare increase."
Lin Dong Lu said: "Vale raised prices, if not required, we do not want to buy, and because so many of mine the rate of reduction. Now canceled prices behavior, we have to the market price, consider whether to continue to buy, and the amount of purchases. "
WISCO Vale imports each year from a large number of iron ore, Wuhan Iron and Steel Propaganda Baizhu Ren said the abolition of price increase in acts of Vale, the Wuhan Iron and Steel will be based on market conditions, as appropriate and carefully considered purchase ore from Vale do.
This inability to save the Vale ore price weakness around. Vale president RogerAgnelli
but stressed that although the temporary cut Vale 10%, but did not cancel future investment plans.
More than Vale 1, including Australia, BHP Billiton and Rio Tinto the two mining companies, none of that cancellation or reduction of investment plans for the next few years.
Vale released under the 2009 investment budget, will invest 14.2 billion U.S. dollars this year for expansion and support the existing mine production and capacity expansion. If all the projects can proceed smoothly, the next 5-7 years, CVRD iron ore production capacity from the current 300 million tons to more than 500 million tons.
Bullish on emerging markets as long-term development, Rio Tinto also plans to 2013, iron ore production capacity will expand from the present 220 million tons to 320 million tons.
BHP Billiton is no exception, according to its investment plans, production capacity in 2011 could increase to more than 200 million tons, long-term objectives can be further increased to 3 million tons.
Emerging mining companies in Australia are planning to 2009-2010 FMG, iron ore production capacity from the current 55 million tons, increased to 100 million tons, and will later be further increased to 200 million tons.
Vale Admit Discretion To Buy Steel Prices
By: weihua Vitamix Blenders - Buy Now Payson Visitors: Do Not Miss The 126th Rendition Of The World's Oldest Continuous Rodeo How To Buy The Perfect Sound System For You When Shopping For Health Insurance On The Internet There Are A Few Things You Should Know Should You Buy or Lease? Honeywell 50250 - Why Should You Buy An Air Purifier? What To Know About Fashion And Shopping Online Where to buy your turbocharger replacement needs Payday Savings Being Aggressive With Your Link Building Pays Off Top Online Shopping Sites South Africa How To Calculate Your Lease Payment Massage Oil: Get More Choices Through Shopping Online