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UPDATE 1-Vale wants more from Japanese steel mills-Nikkei |
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administrator |
DATE |
2008-09-09 13:09:24 |
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UPDATE 1-Vale wants more from Japanese steel mills-Nikkei
Mon Sep 8, 2008
NEW YORK, Sept 8 (Reuters) - Brazilian mining company Vale (VALE5.SA: Quote, Profile, Research, Stock Buzz) (RIO.N: Quote, Profile, Research, Stock Buzz) told major Japanese steelmakers that it plans another iron-ore price increase this year of around 12 percent, due to tightening global supplies, according to Nikkei news agency.
"We don't comment," a Vale representative from Brazil said in response to the most recent report.
The Japanese news service reported on Monday that a midyear price rise is unprecedented and could strap steelmakers with a huge increase in expenses.
In February, leading steelmakers agreed to Vale's iron-ore price increases for 2008. Since April, Japanese firms have paid nearly 79 dollars per tonne for Brazilian iron ore, up 65 percent from 2007, the Nikkei story said.
It added that Vale, the world's largest iron ore miner, plans to lift prices to nearly 89 dollars per tonne. The revised price could be in effect as early as next month.
Japanese steelmakers rely on imports for most of their iron ore. Around 60 percent comes from Australia and more than 20 percent from Brazil, the news story said.
Last week, steel industry sources confirmed a report that Vale had e-mailed Chinese customers to say it would extend the 65-71 percent price increase it agreed earlier this year by an additional 20 percentage points from Sept. 1, effectively matching the rise won by its Australian rivals.
Vale said last week it did not confirm the report it was seeking a 20 percent rise in ore prices from Chinese mills. (Reporting by Carole Vaporean and Denise Luna in Rio de Janeiro; Editing by Marguerita Choy)
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