The gorillas in iron ore - BHP, RIO, and VALE - are in talks to join China's 1st physical...

|About: BHP Billiton Limited (BHP)|By:, SA News Editor

The gorillas in iron ore - BHP, RIO, and VALE - are in talks to join China's 1st physical trading platform for the mineral, another in a series of major changes for the industry. For 20 years, the price of ore rarely varied from the $10-14/ton range, but things changed in 2004 when the big 3 jacked the price, which rose as high as $180 last year (currently $140).