China is expected to relent in its attempt to squeeze a 40-45 percent price cut from global iron ore producers as negotiations stretch beyond the June 30 deadline, the influential Caijing magazine reported.
Citing officials attending a closed meeting of the China Iron and Steel Association on Tuesday, the magazine said China was still expecting a better deal than the 33 percent reduction agreed by Rio Tinto with Japanese steel mills.
The report said no substantive discussions between CISA and the three global miners -- Rio Tinto and BHP Billiton (BHP.AX) of Australia and Brazil's Vale -- had taken place over the last two weeks.
Source: Reuters
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