Brazilian Giant Vale Readies for Iron Ore Price War

According to the Steel Index, the Northern China benchmark iron ore price remained unchanged at $55.70 per dry metric tonne on Friday. After a steep selloff over the first two weeks of May, the flexibility of the 62% Fe CFR Tianjin port assessment has come as a surprise. Although it has come down from its April high of $68.70 due to the made-in-China bubble in iron ore reaching its peak, it is holding to a 50% gains from a more than 8-year low in mid-December.

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