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Cost Push Inflation coming

Started by Riversider
almost 16 years ago
Posts: 13572
Member since: Apr 2009
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Global miners and key Asian steelmakers have agreed to a record increase in iron ore prices after they signed deals to replace the 40-year-old pricing system based on annual contracts with new short-term deals linked to the spot market. Iron ore is one of the main ingredients used to make steel. The new agreements mean that steelmakers will pay around $110-$120 a tonne next quarter for their iron ore, a 90-100 per cent increase from the $60 level at which the 2009-10 annual contracts were settled, industry executives said.
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