Vale, the Brazilian iron ore miner, yesterday defended itself against Chinese accusations that its iron ore prices are too high, saying that supply and demand are fixing prices, not the big iron ore miners.
Roger Agnelli, Vale chief executive, told a press conference in Shanghai: “Vale is not fixing prices: who is fixing the prices is the market.”
Steelmakers and Chinese officials have repeatedly complained about the concentration of power in the world iron ore market in the hands of three big producers, which also include Rio Tinto and BHP Billiton.
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