China's steelmakers ended a round of iron ore price talks with the global major miners last week in Shanghai but it is reported that little progress has been made. Talks are expected to restart after the Spring Festival.
Reports from the talks suggest that the Brazilian miner, Vale, has hinted at an acceptance of a 10% decrease in the term price, but there are still divisions between China's steelmakers and the Big Three mining Giants. Vale's offer is being seen as a rough 'ballpark' figure and is still out of line with the 40% that China demands.
Source: Steel Guru
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