Reports from Japan suggest that the country's large Japanese steelmakers will press for cuts of 40 percent in iron ore prices and 60 to 70 percent in coal prices for the 2009 fiscal year due to the falling costs of natural resources according to the Nikkei business daily. This would put prices at their 2007 levels.
Steel companies will be looking for prices of about $50 per ton for iron ore and $100 per ton for coal.
The paper said the steelmakers could make their requests as early as next week to iron ore suppliers Companhia Vale do Rio Doce of Brazil, BHP Billiton and Rio Tinto and will also negotiate coal prices with the latter two companies.
Source: Nikkei Business Daily
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