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Europe trade groups condemn iron-ore price demands

LONDON (MarketWatch) — European trade groups Eurofer, which represents steelmakers, and Orgalime, which represents industrial firms, said they “condemn” attempts by iron-ore producers BHP Billiton, Rio Tinto and Vale to increase prices by 80% or more. Vale this week reached a deal with Japanese steelmakers to up prices by 90%. The trade groups said the miners already have profit margins of up 50% per metric ton and that the price increases may place in jeopardy the fragile recovery of the manufacturing industry.

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