China Mills Offered Cheaper Iron Ore Pricing Options

Reuters reported iron ore miners have given steel mills in China the option to buy the raw material cheaper for fourth-quarter contracts.

As quoted in the market news,

But Chinese mills, with margins cut by lower steel prices, are not keen on paying more than $175 a tonne for iron ore — the fourth-quarter contract rate based on June-August average spot prices — when the current rate is around $160.

Click here to read the full Reuters report.