re: great news Well it's the Chinese company buying the Iron Ore i.e Baoshan Steel.
I'll quote: Yong Zhiqiang at Haitong Securities.
"China is faced with steel overcapacity and its steel prices are much lower than other countries', making domestic producers unable to bear a steep rise in iron ore prices,"
In other words, China will not feed Iron Ore miners in future. What level of the Iron Ore price increase did the market expect?
Companhia Vale do Rio Doce sold its iron ore to Mittal Steel and ThyssenKrupp at 19% price hike in April 06.
But that's not the point, this is old news and likely to be factored into the market as Baoshan Steel agreed to a 19% hike in Iron ore prices back in May 06.
http://www.interfax.cn/showfeature.asp?aid=13395&slug=BAOSTEEL
no ball, page-18
Add BHP (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$39.62 |
Change
-1.130(2.77%) |
Mkt cap ! $200.9B | |||
| Open | High | Low | Value | Volume |
| $40.45 | $40.68 | $39.56 | $423.2M | 10.58M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 4755 | $39.61 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $39.62 | 16874 | 1 |
View Market Depth
| Last trade - 16.10pm 14/08/2024 (20 minute delay) ? |
| BHP (ASX) Chart |