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Monday, June 08, 2009

Indian iron ore trade on positive note on Rio BHPB JV

Sunday, 07 Jun 2009

Reuters reported that Indian iron ore exporters expect spot prices to rise as a result of the tie up between 2 of the world's biggest iron ore miners, Rio Tinto and BHP Billiton.
Mr Rahul Baldota president of Federation of Indian Mineral Industries said "The tie up is good news for us as it would push up Chinese spot prices and narrow down the gap with long term prices for iron ores."
Mr Baldota said "With this deal the bargaining power of suppliers would be more and the Chinese spot prices would go up as there would now only be 2 major suppliers."
Mr Baldota said a such tie up would act as a precursor to bring parity between the price at which China buys Indian ore in the spot market and long-term prices.
(Sourced form Reuters)