ABSTRACT
Iron is the most widespread of all metals. It is used almost invariably in the form of steel, which is present in almost every aspect of everyday life. Brazilian iron ore production is dominated by a massive state-owned company, with considerable interests in other metal and non-metal commodities, Vale, which started life as Companhia Vale do Rio Doce (CVRD). Pricing of steel products can be quite complicated, because of the large diversity of products, in terms of quality and shape. In Europe and the United States, things are simplified by the publication of official lists of prices by individual mills, which are usually valid for a year. Iron ore is almost exclusively used in the steelmaking process, and is therefore closely tied to the fortunes of the steel industry. The emergence of China as a major steel manufacturer has shifted the focus of the whole industry entirely to Asia Pacific.
