Companhia Vale Do Rio Doce (RIO) Message Board

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Gold/Mining/Energy : Companhia Vale Do Rio Doce (RIO)

VALE 12.10

+1.7%

3:59 PM EDT

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To: Scoobah who wrote (396)	7/10/2009 9:23:16 PM
From: Jack Be Quick	Read Replies (1) of 461

Interesting situation, for sure. I'm beginning to see why investors hate uncertainty. --- China’s Iron Ore Prices Jump 5%, May Extend Gains (Update1) bloomberg.com By Bloomberg News July 10 (Bloomberg) -- Cash prices of iron ore shipped into China rose as much as 5 percent this week, and may extend gains as some suppliers cut sales and concerns rise about a possible crackdown on traders in the world’s biggest buyer. Prices for immediate delivery of Brazilian iron ore rose as much as 35 yuan ($5) to 730 yuan a ton this week, Umetal Research Institute’s Beijing-based analyst Du Wei said in a phone interview. Ore from Australia gained 4.8 percent to 660 yuan while Indian supplies rose 4.7 percent to 670 yuan. Vale SA, Rio Tinto Group and BHP Billiton Ltd., the three largest suppliers, are cutting cash sales to China to ensure supplies to customers in Europe, Japan and South Korea who’ve agreed contract prices, Umetal’s Du said. China this week detained the head of Rio’s iron ore operations in the country and three colleagues for allegedly stealing state secrets. “The price gains are mainly due to reduced spot sales to China as the miners sell more contract ore to other countries,” Du said. Demand and prices for Indian ore may increase should the Chinese state investigation discourage purchase of ore from Australia and Brazil, she said. [more]

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