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China's Baosteel agrees on 65 percent increase in ore prices
Beijing (AFP) Feb 22, 2008 China's top steelmaker said Friday it agreed to a 65 percent rise in ore prices with Brazil's Vale, in a move following agreements by other Asian producers for a global benchmark on the raw material. "Baosteel reached a consensus on the base price for internationally traded iron ore in 2008 with VALE the world's largest iron ore producer," the Shanghai steel maker said in a short statement. Baosteel agreed to a 65 percent rise in Carajas powdered ore with the new price for 2008, the statement said. As China's largest steelmaker, Baosteel traditionally sets the price for the nation's other steel producers for internationally purchased iron ore. Prices of iron ore, a key material to make steel, have soared in recent years due to growing demand led by a construction boom in fast-growing China and India. Japan's largest steelmaker, Nippon Steel, and South Korea's POSCO said Monday they jointly reached an accord with the Brazilian firm for the fiscal year starting April 1. Under the accord, Nippon Steel and POSCO agreed to buy Itabira fine ore -- a standard type of powdered ore -- at a record 78.89 dollars per tonne from Vale, up 65 percent from a year earlier. Community Email This Article Comment On This Article Related Links Global Trade News
Languedoc wines to be shipped under sail to save carbon
Montpellier, France (AFP) Feb 20, 2008The first cargo of wine shipped from France by sail since the late 1800's will arrive in Ireland from the southern Languedoc region next month, saving an estimated 140 grams (4.9 ounces) of carbon per bottle, compared to a regular shipment |
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