China Steel Asking For Lower Iron Ore Price

China Steel Corp. (TPE:2002) is asking iron ore suppliers to cut first-quarter prices because of slowing demand.

As quoted in the market news:

The Kaohsiung-based steelmaker is negotiating with Vale SA (VALE3) and other producers, Hung jui-pen, the company’s public relations officer, said today by phone. China Steel and Baoshan Iron & Steel Co. have asked suppliers, including BHP Billiton Ltd. (BHP) and Rio Tinto Group (RIO), to reduce prices by 23 percent to cut costs, according to the Economic Daily News.

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