Baosteel Says Buying Iron Ore Based on Quarterly Pricing

Reuters reports Baoshan Iron & Steel (SHA:600019) is currently buying iron ore based on quarterly prices calculated using Platts’ iron ore index.

The market news is quoted as saying,

Chen did not specify what proportion of Baosteel’s ore was being purchased in that manner, but said there were currently “no negotiations” involved in pricing iron ore. She was responding to queries in an online briefing.

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