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Is this on top of the 65 % rise in the price of iron ore that was negotioated this February? That would be impossible!

Japanese and South Korean steel mills have agreed to a 65 percent increase in iron ore prices from Brazil in the industry's first major deal for this year, which will set a benchmark for prices at a level painful for steel makers.

I guess it might be an idea to buy some more shares in that local iron mine, it's down 4 % today...

PS. Oh my God it is!

Nippon Steel said that it and Posco of South Korea had agreed to pay the Brazilian mining giant Vale $78.90 a ton for Itabira fine ore in the year starting April 1, a rise of 65 percent and the sixth annual increase in a row.
vs.
Baosteel Group Corp. agreed to pay Rio $144.66 a metric ton for so-called Pilbara blend fines for the year started April 1, London-based Rio said today in a statement. The Shanghai-based steelmaker will also pay Rio $201.69 a ton for Pilbara blend lump, 97 percent more than a year ago.

Gaaaaah!!!!! If these prices hold up, that iron mine is a veritable, eh, gold mine!

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Jun 23rd, 2008 at 03:26:17 PM EST
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