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A Twenty-Three Percent Price Hike For Iron Ore.

Yeah….. Twenty-Three Percent….. Guess where, to who and why…….and by the way…….23% is just for starters because of……..

But…….. But……. This is in Australia……. It can’t happen here, right ?  You gotta tell me that it can’t happen here….. PLEASE !

Riiiiiiiiiiiight.  Don’t you realize yet that it’s a spiraling effect on a global basis due to the……..

What ?…..What do you me……

Read……………….

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Big miners jack up iron ore price.

www.theage.com.au/business/big-miners-jack-up-iron-ore-price-20100608-xsda.html

BHP Billiton and Rio Tinto have notified Japanese steelmakers that the iron ore price for the July-September period will be raised about 23 per cent from the previous quarter, the Nikkei business daily says.

The paper also said Brazil’s Vale is likely to follow suit.

The second consecutive quarterly hike will put iron ore at about $US147 a tonne, 140 per cent higher than the fiscal 2009 price, the paper said.

snip

“We have to pass on hikes to steel prices and ask clients to shoulder increased costs,” the paper quoted JFE Holdings president Hajime Bada as saying.

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Gee, I wonder what caused this increase ‘all of a sudden’ and ‘out of nowhere’ ?

Hey…… Speaking of Australia, has anyone else heard about the “super-profit” tax on mining companies about to be imposed in The Land Of Sunshine And Sharks ?

Things are getting ‘interesting’ to say the least.  It’s like this……. In addition to the existing tax rate, the government over there wants another 40% on……….. Oh heck with it…… Read it yourself:

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Rudd to handle mining tax like Global Financial Crisis.

http://news.smh.com.au/breaking-news-national/rudd-to-handle-mining-tax-like-gfc-gray-20100608-xr8o.html

Prime Minister Kevin Rudd will negotiate the muddy waters surrounding his proposed new mining tax in the same way he mastered Australia’s response to the global financial crisis, a Labor MP says.

Labor wants to impose a 40 per cent tax on resources “super” profits, in exchange for business tax cuts, new infrastructure and superannuation changes.

and

Sort out mining row, PM told.

www.brisbanetimes.com.au/business/sort-out-mining-row-pm-told-20100607-xqvl.html

Kevin Rudd is under growing pressure internally to end the bitter fight with the mining industry as the head of Rio Tinto in Australia lashed the Prime Minister yesterday for exaggerating the degree of government consultation with the sector.

After the latest Herald poll showing Labor would be thrown out if an election were held now, anxiety spread through the government, with senior MPs and some ministers openly urging that the dispute over the resource super profits tax be ended.

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Cantcha juss’ imagine what good ol’ Barry an’ his peeps are gonna “nudge” into place here in the Land Of The Big PX ?!?

Y’all can have your popcorn and sweet tea.

I’m watchin’ with some really-bad-for-you Cheese Twisties and a really-good-for-you finely crafted Coldstream Hills (Yarra Valley) Pinot Noir.

G’day, mates !

Kenny Solomon
Typical bitter Jewish God-clinging gun owner and barking-mad-insane NASCAR fan.

Molon Labe.

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