Chinese agree 96% jump in ore prices »
Posted By engineer 5 months, 1 week ago in Business & FinanceGlobal inflation fears deepened as Chinese steelmakers agreed to a record increase in annual iron ore prices in a move likely to boost the cost of cars, machinery and other products.
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engineer5 months, 1 week ago
Chinese millers agreed to pay Anglo-Australian miner Rio Tinto up to 96.5 per cent more for their ore supplies this year, the largest ever annual increase and well above the 9.5 per cent increase paid last year.
The rise suggests that demand for commodities from emerging economies remains strong, in spite of the US slowdown, fuelling fears that global inflation will continue to rise. The rise â;; an average 85 per cent â;; surpasses the record increase of 71.5 per cent agreed in 2005, when the commoditiesâ;;boom gathered pace.
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