vale raises the iron ore stakes

Vale raises the iron ore stakes - no price increase, no shipment
By Mineweb, October 25th, 2008 at 1:06 am -
The world's largest iron ore miner says it will refuse to ship ore to Chinese steel mills unless they pay the 12 percent price rise it is imposing to bring prices in line with European shipment.



It's good to see that Vale is setting the deals with iron ore, it's about time that product is taken off the table.
Vale did this with manganese a year or so ago, look at the price of Mn now. Manganese has gone from US$2.20/dmtu to US$18/dmtu.
Miners need to make money.
It's a pity a few nickel miners didn't take a few tons off the table, they mightn't be in such a mess now.
OPEC, knows how to do it.
Price goes down = cut production.