Vale, Rio Tinto, BHP Billiton and China
The Chinese have stated they are undertaking an investigation into iron ore giants Vale (NYSE:VALE), Rio Tinto (NYSE:RTP) and BHP Billiton (NYSE:BHP) over the possibility they have illegally worked together as a monopoly to manipulate iron ore prices to their advantage.
China has fought hard to use its status as the largest importer of iron ore to negotiate better prices for themselves, but have been resisted strongly by the three leading iron ore producers.
This latest move seems to be a tool being used by the Chinese to influence the process and hopefully get the mining companies to capitulate.
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