Rio Tinto Deal with Chinalco in Australian Hands

Iron Investing News reports iron ore prices are set to fall due to the global recession.

We believe prices should settle somewhere between 30 and 35 per cent below the agreed rates last year,” said Alan Cummings, Territory’s general manager finance. BHP and Rio Tinto are locked in negotiations with North Asian customers over prices for ore sold under contract for the year starting April 1. The negotiations are being held against a backdrop of weak demand for raw materials as world steel usage suffers its steepest decline since the end of World War Two.

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