Interesting response by Vale on ChinaThere has been recent article mentioning China will start buying local rather then use Brazil's ore. Response below
Associated Press
Vale chief: China iron cutback talk is nonsense
Associated Press
09.26.08,3:06 PM ET
RIO DE JANEIRO, Brazil -
The chairman of the world's biggest iron ore producer says reports that China will reduce imports from Brazil are nonsense.
Roger Agnelli says that without Brazil's iron ore, China's steel industry would be in trouble. He heads Rio de Janeiro-based Companhia Vale do Rio Doce(nyse:RIO -news -people).
Agnelli says that "the Chinese market is Vale's" and that if "Valeshipments to China were stopped and suspended," China's steel industrywould grind to a halt.
A state-run Chinese newspaper reports the Asian nation will "reduceor refrain" from buying Brazilian iron ore because Vale wants to hikeprices.
The Friday report says China will buy domestic iron ore instead. China is the biggest consumer and producer of steel.