NEWS & EVENTS: Breaking News
23.06.2009 10:06
June 23. Negotiations between Chinese steel makers and iron ore suppliers over pricing will not be finalized before the end of June, China’s national radio reported quoting an unnamed official at Chinese Iron and Steel Association (CISA). “This year, the negotiations will not likely be over by the end of June, however, we will stick to our position and be patient”, the radio quoted an official as saying. As a rule, iron ore supplies at new prices will begin on April 1. China insists on cutting prices by at least 40% vs. the last financial year when prices were fixed on the eve of a downside on the market due to the financial crisis. Although Asian steelmakers usually take similar position at negotiations with iron ore suppliers, this year Japanese and South Korean producers have agreed to a 33% cut in prices from Rio Tinto, while Vale has slashed prices for various ore grades by 28-48%.
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