The reason why iron ore stocks bucking the trend today is probably related to this piece of news from Reuters over the weekend.
Japanese steelmaker Nippon Steel Corp.(5401.TO)has agreed to an iron ore contract price hike of 65%, affective April 1, Reuters reported Sunday citing industry sources and a Chinese industry website.
Steel industry website Umetal reorted that an international steel mill had concluded talks for the 2008 annual contract price, agrreing to price rise of 65%, Reuters said.
Global top iron ore miners Companhia Vale do Rico, or Vale(RIO),Rio Tinto Ltd (RIO.AU)and BHP Billiton Ltd (BHP.AU)dominate yearly price talks, with dteel mills generally falling into line once news of the first deal emerge.
Analyst's forecasts for the price rise centered around 40% to 60%.
The reason why iron ore stocks bucking the trend today is...
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