China Accepts Defeat On Iron Pricing?

- September 29th, 2009

Iron Investing News reports iron-ore pricing issue is going nowhere with China. China, by far the biggest user of imported iron ore, has tried for months to leverage its size and growing influence to muscle miners Rio Tinto (RTP),  BHP Billiton Ltd (BHP) and Brazil’s Vale SA (VALE) into lowering their prices for iron ore, … Continued

Iron Investing News reports iron-ore pricing issue is going nowhere with China.

China, by far the biggest user of imported iron ore, has tried for months to leverage its size and growing influence to muscle miners Rio Tinto (RTP)BHP Billiton Ltd (BHP) and Brazil’s Vale SA (VALE) into lowering their prices for iron ore, used as the chief ingredient in the production of steel.

Though China produces more steel than any other country, it doesn’t have enough natural iron ore and needs to import it from Australia, Brazil and India. The mining companies sell the iron ore, and each year the two sides hammer out a contract for prices and quantities.

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