ADVFN - Advanced Financial Network.
HOME» NYSE » C » RIO Stock Price » RIO Stock News

Companhia Vale Share News

 Companhia Vale Do Rio Doce Stock Price
RIO Stock Price
 Companhia Vale Do Rio Doce Stock Chart
RIO Stock Chart
 Companhia Vale Do Rio Doce Stock News
RIO Stock News
 Companhia Vale Do Rio Doce Company Information
RIO Company Information
 Companhia Vale Do Rio Doce Stock Trades
RIO Stock Trades

CORRECT (6/27): CRU: 'Little Chance' Iron-Ore Price to Rise as Supplies Grow

"CRU: 'Little Chance' Iron-Ore Price Will Rise As Global Supplies Grow," at 10:00 p.m. ET on Wednesday, incorrectly stated that Chinese steel production was relatively weak in the first quarter, in the third paragraph. CRU clarified that hot-metal, or iron, output in the first quarter in China hit a new record level during the first quarter, as did Chinese imports of iron ore. In addition, CRU is forecasting that iron-ore exports from Australia and Brazil will rise by an additional 80 million metric tons a year between 2014 and 2016, not 18 million tons per year, in the sixth paragraph. The correct version follows: SAO PAULO--There is "little chance" that iron-ore prices will rise significantly for a considerable period due to increases in market supplies, particularly from Australia and Brazil, a CRU Group analyst said Wednesday. Indeed, spot prices for the raw material used to make steel should continue to decline slightly from their current levels of nearly $140 a metric ton delivered to China until 2016, Paul Scott, CRU's group manager - steel, told delegates at the Brazilian Steel Institute's annual congress in Sao Paulo. Iron-ore spot prices were 20% lower in the first quarter than they were in the same 2011 period, despite hot-metal production and iron-ore imports both reaching a new record level in China in the first quarter, according to CRU. Chinese steelmakers, which consume around 60% of world seaborne iron ore, made net losses in the first quarter, their first losses since 2000, Mr. Scott said. "At the same time as iron-ore demand has moderated, supply from major suppliers has increased sharply," Mr. Scott said, adding that this has been due mainly to recent more-favorable climatic conditions in Australia and Brazil, which has led to higher exports. Growth in Chinese steel demand is now expected to slow to 4% to 5% annually, lower than in recent years when steel-demand growth typically exceeded the rates of growth of China's gross domestic product, according to Mr. Scott. Still, "iron-ore exports from Australia and Brazil will increase sharply," by more than 80 million metric tons a year between 2014 and 2016, particularly from Australia, where new projects will start up, he said. Australia should increase its stake in the total iron-ore export market to nearly 50% by 2016, Mr. Scott said. The saving grace for the world's big iron-ore exporters, which includes BHP Billiton PLC (BLT.LN, BBL), Rio Tinto PLC (RIO.LN, RIO) and Vale SA (VALE, VALE5.BR), is that China is becoming increasingly dependent on imports of iron ore as some of its own high-cost iron-ore mines are unable to compete in a lower-price environment, he said. Write to Diana Kinch at diana.kinch@dowjones.com.

Stock News for Companhia Vale (RIO)
DateTimeHeadline
05/27/201603:41:00Australia Shares End Higher, Marking Seventh Week of Gains
05/24/201603:58:00Rio Tinto Appoints New Head of Technology and Innovation
05/24/201603:37:00Rio Tinto PLC Statement re senior management changes
05/17/201600:40:00High Oil Prices Help Sentiment in Asia-Pacific Markets
05/17/201600:03:00Asian Shares: High Oil Prices Help Sentiment in Asia-Pacific...
05/12/201600:30:00Asia Stocks Dented by Weaker U.S., Japan Earnings
05/11/201616:50:00Miner Faces Scrutiny for Payments in Africa
05/11/201611:36:00Global Mining, Metals M&A Activity Continues to Shrink
05/10/201618:00:00Rio Tinto et Indspire présentent leur programme de bourse de...
05/10/201618:00:00Rio Tinto and Indspire showcase $2 million award program for...
05/10/201600:40:00Asia Stocks Mixed on Weaker Commodities, Yen
05/09/201618:43:00ADRs End Lower; AngloGold Ashanti, ArcelorMittal Decline
05/06/201604:00:00Rio Tinto Announces Latest Stage in Oyu Tolgoi Project
05/06/201603:23:00Rio Tinto To Start Next Stage Of Development At Mongolia Mine
05/06/201603:03:00Rio Tinto Maps Growth in Gloom -- WSJ
05/05/201608:32:00Rio Tinto Cuts Debt by $1.5 Billion Through Debt Tender Offers
05/05/201604:38:00Rio Tinto's Incoming CEO Focused on Cash, Projects -- Update
05/04/201620:15:00Rio Tinto's Incoming CEO Focused on Cash, Projects
05/04/201600:30:00Most Asian Stock Markets Fall Amid Renewed Weakness in Oil
04/28/201609:00:00Anglo American to Sell Brazilian Businesses to China Molybdenum...

Companhia Vale and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad