Shares of Japanese steelmakers ended broadly lower Tuesday, playing off reports that Nippon Steel Corp. and others are poised to accept a doubling of iron-ore prices -- as demanded by Rio Tinto -- for the current fiscal year. ... The price hikes negotiated with Baosteel are to be backdated to April, resulting in a combined windfall for BHP and Rio that could run into the billions, The Journal reported. But in Australia, word of the increases spurred warnings of a potentially huge increase in export revenues that could fuel inflation. http://www.marketwatch.com/news/sto...x?guid={C4521445-7E64-4BF7-BA6F-CB57CA1AC1DE} Windfall profits into billions ? Risk free money...
Huge increases also negotiated between RIO and China: http://www.abc.net.au/news/stories/2008/06/23/2283498.htm