Chinese mills ready for Vale ore ban
China Iron & Steel Association (CISA) vice chairman said in a conference on 18 September that China’s steel industry may altogether stop using Vale’s iron ore in order to retort the miner’s demand for 13% hike on its 2008 contract prices. Chinese steel mills told that they will support CISA’s move and they are ready for ceasing to use Vale’s iron ore.
Even a steel mill in eastern China admitted the Vale’s claim that its Carajas fines are an essential ingredient in iron ore blending and changing in the iron ore formula will reduce their productivity. However, the Chinese mill told the market is currently sluggish and the mills are aiming to cut their production, so Vale’s iron ore is not the crucial right now.
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