Steel firms 'to okay' doubled iron ore price
Saturday, March 27, 2010 1:38 PM
Mar. 27, 2010 (The Yomiuri Shimbun) -- Major Japanese steelmakers and Brazilian metals and mining giant Companhia Vale do Rio Doce (NYSE:VALE) are expected to agree to an increase in the price of iron ore to about 110 dollars per ton by the end of this month, according to sources.
An agreement would almost double the fiscal 2009 price of iron ore.
The new price, which would be applied from April, is almost certain to be a record high--exceeding the previous peak of 77 dollars per ton in fiscal 2008.
At http://www.istockanalyst.com/article/viewiStockNews/articleid/3981287
Surely this news has the potential to make the IFE and TRF share prices explode? For how much longer will IFE be allowed to trade on a projected PE, depending on input, of something ridiculous like one or two?
steel firms 'to okay' doubled iron ore price
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