Price Causes MMK-ENRC Iron Ore Contract Clash
Investing News Network - November 17th, 2011
Reuters reported pricing issues have led to a dispute between Magnitogorsk Iron and Steel Works (RTC:MAGN) and ENRC (LSE:ENRC).
Reuters reported pricing issues have led to a dispute between Magnitogorsk Iron and Steel Works (RTC:MAGN) and ENRC (LSE:ENRC).
As quoted in the market news:
MMK, Russia’s third-largest steelmaker, signed a contract that obliges it to take 1 million tonnes of iron ore per month from ENRC during 2011 but it has indicated it will take a maximum of 700,000 tonnes per month in the fourth quarter, ENRC said in a statement last week.