Chinese agree 96% jump in ore prices
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By Javier Blas and Rebecca Bream in London
Tuesday, June 24, 2008
Global inflation fears deepened yesterday as Chinese steelmakers agreed to a record increase in annual iron ore prices in a move likely to boost the cost of cars, machinery and other products.
Chinese millers agreed to pay Anglo-Australian miner Rio Tinto up to 96.5 per cent more for their ore supplies this year, the largest ever annual increase and well above the 9.5 per cent increase paid last year.
The big rise suggests demand for commodities from emerging economies remains strong, in spite of the US slowdown, fuelling fears that global inflation will continue to rise. The rise – an average 85 per cent – surpasses the record increase of 71.5 per cent agreed in 2005, when the commodities boom gathered pace.
Sam Walsh, chief executive of Rio's iron ore unit, told the Financial Times yesterday that the agreement indicated ongoing robust demand for commodities. “Economic growth in China, India and the Middle East continues to be outstandingly strong.”
Analysts said steelmakers are likely to pass the rise in costs on to customers, such as construction companies and car makers.
Marius Kloppers, chief executive of rival miner BHP Billiton, which is in the middle of a hostile takeover battle for Rio, pointed to strong demand in the steel sector. “The steelmakers live in unprecedented times,” Mr Kloppers said. “The margins for steelmakers have absolutely exploded.”
Rio's agreement marks an unprecedented divergence in the annual price rises for Australian and Brazilian ore. Traditionally, Vale of Brazil would negotiate a price and Rio and BHP Billiton would agree later to a similar increase. However, Vale's agreement earlier this year for a price increase of between 65 per cent and 71 per cent was disregarded by its Australian rivals, which in turn demanded a higher increase, arguing their proximity to China reduced ore shipping costs.
Chris LaFemina, of Lehman Brothers, said: “The annual iron ore benchmark contract pricing system may now be broken forever.”
Rio's Mr Walsh said although the annual contract system would continue for the foreseeable future, it was clear the system was changing to reflect Australia's proximity to China.
BHP declined to comment on whether it would take Rio's price as a benchmark, but indicated it would decide shortly.
Mr Kloppers said the higher price achieved by Rio compared with Vale was equal to only 10 per cent of the extra shipping costs at today's rates from Brazil to China, compared with Australia to China.
中国接受澳洲铁矿石大幅涨价
英国《金融时报》哈维尔•布拉斯(Javier Blas)、丽贝卡•布里姆(Rebecca Bream)伦敦报道
2008年6月24日 星期二
全球通胀担忧昨日有所加剧，原因是中国钢铁企业同意接受年度铁矿石合约价格创纪录的涨幅，此举可能推高汽车、机械以及其它产品的成本。
中国钢铁企业同意为今年的铁矿石供应向英澳矿业公司力拓(Rio Tinto)支付至多96.5%的涨幅，这是历来最大的年度涨幅，远高于去年的9.5%。
此次价格大涨表明，尽管美国经济放缓，但新兴经济体对大宗商品的需求仍然强劲，这助长了全球通胀将继续攀升的担忧。此次上涨幅度（平均为85%）超过了2005年创纪录的71.5%，当时大宗商品繁荣开始提速。
力拓铁矿石业务首席执行官山姆•沃尔什(Sam Walsh)昨日向英国《金融时报》表示，上述协议表明，对大宗商品的需求仍然强劲。“中国、印度和中东地区的经济增长仍异常强劲。”
分析师们表示，钢铁企业可能会将成本上升的影响转嫁给消费者，如建筑企业和汽车制造商。
力拓竞争对手必和必拓(BHP Billiton)的首席执行官马利尤斯•科劳珀斯(Marius Kloppers)谈到了钢铁行业的强劲需求。“钢铁企业处在空前的时代，”他表示，“它们的利润率绝对出现了爆炸式增长。”必和必拓正对力拓展开一场敌意收购。
力拓的协议显示出，澳大利亚和巴西铁矿石在年度涨价方面呈现前所未有的分歧。传统上，巴西的淡水河谷(Vale)会率先进行价格谈判，然后力拓和必和必拓会接受相似幅度的上涨。但在今年，澳大利亚铁矿石企业对早些时候淡水河谷商定的65%-71%的涨幅置之不理，而要求得到更高的涨幅，它们辩称，由于澳大利亚距离中国比较近，因此航运成本较低。
雷曼兄弟(Lehman Brothers)的Chris LaFemina表示：“年度铁矿石基准合约定价体系现在可能被永久地打破。”
力拓的沃尔什表示，尽管在可预见的将来，年度合约体系仍将继续存在，但很显然，该体系将发生变化，以反映澳大利亚与中国邻近这一事实。
必和必拓拒绝就该公司是否将以力拓的价格为基准置评，但表示不久将作出决定。
科劳珀斯表示，以目前的运费计算，力拓所拿到的高出淡水河谷价格的部分，只相当于巴西和澳大利亚至中国运费差价的10%。译者/怀川
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