Vale Seeks to Double Iron Ore Benchmark Price
Brazil's Vale (NYSE:VALE) aims to life its 2010 iron ore benchmark price by 90% to 100%, Sina reported citing Luo Bingsheng Vice President of the China Iron and Steel Association (CISA) March 19. The current iron ore price negotiations are the responsibility of the enterprises involved, but the Ministry of Industry and Information Technology (MIIT) will continue to pay attention on the issue, MIIT spokesman Zhu Hongren told Sina March 18. Previously, the Ministry of Commerce (MOFCOM) said it would support domestic steel enterprises in the price talks, while the CISA said it supported the European Confederation of Iron and Steel Industries' opposition to proposed price hikes of 80-90% by the manufacturers, the report said.
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