A report by Steel Business Briefing suggests that the Brazilian miner, Vale, is to double its domestic prices by April in a move that could suggest a hardening of its stance with Chinese steel mills.
In the report, Steel Business Briefing suggests that "Brazilian mining group Vale is seeking to increase its iron ore prices for domestic buyers by 40% in March and another 40% in April, according to normally reliable sources in the domestic iron and steel sector." That suggests a total increase in the order of 96%. Vale’s domestic customers tend to receive a benchmark price discounted to reflect freight costs.
Vale has recently indicated a willingness to sell on both spot and benchmark terms as the iron ore price has hit $130 a tonne.
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