Business Services Industry
CVRD turns iron screws on China.
Australasian Business Intelligence, March, 2006
Byline: Jo Clarke
Mar 30, 2006 (The Australian Financial Review - ABIX via COMTEX) -- One of the world's top three iron ore miners has audaciously demanded a 24 per cent price increase. Brazil-based Companhia Vale do Rio Doce (CVRD) has asked Chinese steelmakers for
the increase, despite the industry's previous statement that it would not go beyond 10 per cent. While CVRD and its Australian rivals BHP Billiton and Rio Tinto were hoping for a large increase in 2006, analysts expect the eventual result to be closer to 10 per cent. The Australian Bureau of Agricultural & Resource Economics predicts 11.5 per cent.
Even 10 per cent would lead to annual net profit rises...
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