Steelmakers Ask Iron Ore Producers to Return to Yearly Contracts

Reuters reported Posco (NYSE:PKX) and other steelmakers are requesting iron ore producer return to yearly pricing contracts instead of changing prices with each exchange.

As quoted in the market news:

Chung Joon-yang’s comments on Thursday exposed the sector’s fragility amid weak demand, and is the strongest sign yet of discontent over the current spot-based pricing system, which has deeply hurt margins of steel mills given wild price swings.

Click here to read the full Reuters report.