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China to Support Steel Makers in Iron-Ore Discussions |
| WRITER |
administrator |
DATE |
2010-03-18 15:48:28 |
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China to Support Steel Makers in Iron-Ore Discussions
Thu, 18 Mar 2010
China, the world’s biggest iron ore buyer, will stick with an annual pricing system and may take action to support the country’s steelmakers in negotiations with suppliers, the Ministry of Commerce said.
“We hope that suppliers, the steel association and Japanese and Korean steelmakers can together maintain the mechanism and prevent price volatility,” ministry spokesman Yao Jian told reporters today in Beijing. Government support may include “trade actions,” he said, without elaborating.
BHP Billiton Ltd., the world’s biggest mining company, Rio Tinto Group and Vale SA are seeking pricing that covers shorter periods after spot market rates soared to more than double last year’s contract agreement. Vale is seeking to raise contract iron-ore prices by more than 90 percent in negotiations with Japanese steelmakers, Nikkei English News reported March 10.
More than 10 of China’s largest steelmakers, including Baosteel Group Corp. and Wuhan Iron & Steel Group, have appealed to Chinese Premier Wen Jiabao to help represent them in the iron ore negotiations, the China Securities Journal reported today.
Source: Bloomberg |
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