Price Causes MMK-ENRC Iron Ore Contract Clash

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.

Click here to read the full Reuters report.