| From Businessweek.com: In a sign of the quickly-shifting power struggle in the mining sector, Brazil’s Vale — the world’s largest iron ore producer — said on Nov. 3 it had withdrawn a request to Asian clients for a 12% price increase in 2008 iron ore contracts. Iron ore is the key component in steel.
That’s a marked change from earlier this year when the Brazilian company negotiated a 71% jump in the commodity’s price. Like it or not, steel producers worldwide, particularly in China, are cutting back on production as the global economy teeters towards recession. .... Full Article: Source
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