China To Halt Ore Imports From Brazil Miner Vale -Report
By Daniel at 26 September, 2008, 8:09 am
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China To Halt Ore Imports From Brazil Miner Vale -Report
Last Update: 9/26/2008 8:07:32 AM
RIO DE JANEIRO (Dow Jones)–China will halt imports of iron ore from Brazilian
mining giant Companhia Vale do Rio Doce (RIO) after the miner asked Asian
steelmakers to pay higher prices, according to a report by Web site Shanghai
Daily that cited the China Securities Journal newspaper.
According to the report, the China Iron and Steel Association told members that
domestic Chinese iron ore would replace imports from Vale. The move follows
Vale’s request that Asian steelmakers pay the same price for iron ore as their
European counterparts.
Vale’s request was seen as an attempt to wrangle a second iron ore price increase
this year.
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