Japan steel firms agree to doubling of iron-ore price

Discussion in 'Metal Futures' started by ASusilovic, Jun 25, 2008.

  1. 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.


    Windfall profits into billions ? Risk free money...:D
  2. styron


    Anyone know if there is a futures market in iron/iron ore? Are there speculators in the iron market?