Steel industry discussing new iron ore pricing model

People’s Daily Online reports that there is  a new pricing model for the iron ore industry being considered.  Spearheading this change are industry giants Vale of Brazil(NYSE:VALE), BHP Billiton(NYSE:BHP) and Rio Tinto (NYSE:RIO).

The story quotes:

Yang Siming, board chairman of Nanjing Iron and Steel United said that due to the sharp increase of iron ore prices, the profit distribution of the iron and steel industrial chain is quite imbalanced, and iron and steel companies almost do not have any right to speak in the negotiations regarding the iron ore pricing model with the three iron ore mining giants.

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