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China objects, but iron ore rise of 19pc looks solid.
Australasian Business Intelligence, May, 2006
Byline: Jo Clarke
May 17, 2006 (The Australian Financial Review - ABIX via COMTEX) -- Australian analysts believe that Chinese steel mills will drop their resistance to a 19 per cent rise in iron ore prices. Brazil's Companhia Vale Do Rio Doce (CVRD) has secured a 19 per cent rise in iron ore prices in contract negotiations with ThyssenKrupp. However, Qi Xiangdong, the vice-chairman of the China Iron & Steel Association rejects suggests that the ThyssenKrupp deal has established a benchmark price for global supply deals. Alan Heap of Citigroup says the price rise negotiated by CVRD is likely to become the benchmark settlement.
Publication Date: 18 May 2006
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