Nippon strikes while iron is hot.(Nippon Steel Corp. signs deal with Hamersley Iron Proprietary Ltd. to increase steel prices)(Brief Article)

Australasian Business Intelligence, March, 2005 by Nadkarni, Namrata; Taylor, Chris

Mar 07, 2005 (Lloyd's List Daily Commercial News - ABIX via COMTEX)

Nippon Steel has signed a deal with another iron ores supplier to increase prices for the 2005 contract year. The Japanese steel firm signed with Rio Tinto's Australian subsidiary Hamersley Iron to raise prices by 71.5 per cent. It had previously signed a similar deal with Brazil's CVRD. Meanwhile, market analysts predict that BHP Billiton will use the lower cost of transporting iron ore to Asia from Australia in attempts to forge a better deal with Japanese steel firms. It is estimated that shipping from Australia to Asia offers a $A14.00 saving per tonne on capesize freight rates, compared to shipping from Brazil to Asia.

Publication Date: 3 March 2005

NIPPON STEEL...

            
        
    
    	    
                
                
	

		

					 
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