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Vale (RIO) cuts off iron ore… and China goes shopping

Vale (RIO) has cancelled its iron ore shipments to China until the country’s steelmakers cough up more dough. But China has other ideas. And Vale may find its products aren’t as vital as it originally thought. by Stephanie Grimmett Baltimore — (TFN):  It’s the "teach a man to fish" theory of steelmaking:  Buy iron [...]

Vale (RIO) pushes China for higher prices

"When yearly contracts were made in February at an 86% increase on last year’s prices, China’s steel producers gulped so hard they nearly swallowed their own teeth. But that wasn’t the end of it. Both Rio Tinto and BHP renegotiated their contracts for even higher prices this summer. And now its big brother’s turn." — [...]

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