Monday, February 18, 2008

Iron Ore for 65%more

Due to potentially inferior Steel product from China and China's high demand for more iron ore;- Japan's Nippon Steel & JFE and Sout Korea's Posco have agreed to pay Brazilian company Vale (VALE5.SA) 65% more for their Iron Ore in fiscal year 2008-2009 .
The Nikkei Japanese stock exchange reached its 2 week high. And, this lead to the pinnacle of Brazilian stock market in its most recent month, as Vale is heavily traded on the Bovespa index .BVSP of the Sao Paulo Stock Exchange. Brazilian currency also gained on the U.S. dollar.

"Japanese stocks climbed to a two-week high on Tuesday as trading houses such as
Itochu Corp rose on strong metals prices and big-name exporters were snapped up
by individual investors."

From website:

Nippon Steel: - 2nd in the world for steel manufacturing
JFE Steel:- 3rd in the in the world for steel manufacturing
Takenaka Corporation:- One of Japan's top 5 contracting/ building firms