Vale not to give in to seek price rising from China
It is reported that Brazilian mining giant Vale will stick to demands for higher prices for the iron ore from China's users.The CEO of Vale said that many steel firms had already accepted the price rise. But China was said to stop using iron ore from the Brazilian miner if Vale insisted on the price increase.Before that, China's steel association has sent a formal letter of complaint to Vale over its price rising demands. Chinese steel mills met at the association's headquarters earlier this month, but failed to hash out a clear strategy for opposing Vale's hike.
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