Shares of Japanese steelmakers ended broadly lower Tuesday, playing off reports that Nippon Steel Corp. and others are poised to accept a doubling of iron-ore prices -- as demanded by Rio Tinto -- for the current fiscal year.
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The price hikes negotiated with Baosteel are to be backdated to April, resulting in a combined windfall for BHP and Rio that could run into the billions, The Journal reported.
But in Australia, word of the increases spurred warnings of a potentially huge increase in export revenues that could fuel inflation.
http://www.marketwatch.com/news/sto...x?guid={C4521445-7E64-4BF7-BA6F-CB57CA1AC1DE}
Windfall profits into billions ? Risk free money...
...
The price hikes negotiated with Baosteel are to be backdated to April, resulting in a combined windfall for BHP and Rio that could run into the billions, The Journal reported.
But in Australia, word of the increases spurred warnings of a potentially huge increase in export revenues that could fuel inflation.
http://www.marketwatch.com/news/sto...x?guid={C4521445-7E64-4BF7-BA6F-CB57CA1AC1DE}
Windfall profits into billions ? Risk free money...