Rio Tinto Cuts Iron Ore Price

The Sydney Morning Herald reports that Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) will drop its prices by up to 3 per cent for Chinese steel mills for the third quarter.

The market news is quoted as saying,

The modest price cut was in line with a decline in spot prices of the steelmaking raw material. Global miners have been using spot values as the basis for setting contract rates since the industry moved to a more flexible quarterly system after scrapping a decades-old annual pricing scheme.

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