Chinese steelmaker pays 80% more for iron ore
Source: http://blogs.moneyandmarkets.com/blog/china-and-asia-stock-alert/0/0/chinese-steelmaker-pays-80-more-for-iron-orePosted on Tuesday, June 24th, 2008 | In Asia, China, Current Market News
Contributed by: Tony Sagami (http://blogs.moneyandmarkets.com/blog/china-and-asia-stock-alert) -
Baosteel Group, the largest steelmaker in China, cut a supply deal with Rio Tinto and agreed to an 80% price increase for iron ore. Baosteel will pay Rio Tinto $144.66 a metric ton for iron ore.
Demand for iron
ore is still very strong and Baosteel must expect it to stay strong for a long time or it wouldn’t agree to such a huge price increase.
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Tags for this Post:
Asia, Baosteel Group, China, China, Current Market News, Iron Ore, Long Time, Metric Ton, rio tinto, Steelmaker
Asia, Baosteel Group, China, China, Current Market News, Iron Ore, Long Time, Metric Ton, rio tinto, Steelmaker
 About Tony Sagami (http://blogs.moneyandmarkets.com/blog/china-and-asia-stock-alert)
Tony Sagami, a veteran investment advisor and a leading expert on Asian markets, is the owner and founder of Harvest Advisors, an investment research and money management company. Mr. Sagami has been managing money for more than 20 years and is one of the early pioneers in the application of technical and quantitative analysis to mutual funds and stocks. He is a featured contributor to Weiss Research’s daily e-letter, Money and Markets and monthly Safe Money Report as well as the editor of Asia Stock Alert. Prior to establishing his own firm, Mr. Sagami was managing director at W.E. Donoghue & Co, serving additionally as the director of investment. During his successful career, he also held the position of account executive at Merrill Lynch. Mr. Sagami’s views on Asian markets, specifically Chinese investments, have been featured in publications such as The Wall Street Journal, Barron’s, Kiplinger’s, Smart Money, Business Week, New York Times, Washington Post, Investors Business Daily, Bloomberg, Financial Planning Times, Mutual FundsMagazine, Chicago Tribune, and the LA Times, as well as on CNBC and CNBC Asia. Mr. Sagami holds a degree in economics from the University of Washington. |
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