We have told investors and traders worldwide what it would take the start the rally and this here has to stop and bottom out for the markets to look forward as they have no clarity and therefore the selling keeps up.
We are going to be teach people how this works going forward in our SMF Economic Club you can sign up now by sending an email to info@stockmarketfunding.com or by calling us today at 702-685-0772 we will be happy to update you so that you can start planning your futures moving forward.
SMF NOTES DJ reports the co is sticking to its late January offer of a 10% cut in 2009 iron ore contract prices, but Chinese steel mills are holding out for much steeper cuts, a senior industry official said Thursday. Vale is willing to sign the price agreement "immediately" if the Chinese side would accept that offer, Zou Jian, chairman of the Metallurgical Mines Association of China told Dow Jones Newswires in a telephone interview.
"But nobody wants to take that offer," said Zou, who is also a director of the China Iron & Steel Association. BHP and Rio Tinto have yet to make any price offer, Zou said. A 10% drop from Vale's 2008 prices would mean steeper cuts for the other two which had negotiated higher prices in 2008.
"They're hoping steel prices will recover, but that doesn't look likely," Zou said, adding he expects the fall in prices this year to be "large." "It is reasonable to think it will be a 30%-50% cut," he said.