China's top steel executives begin a bi-annnual two-day meeting on Wednesday under unprecedented global scrutiny as investors wait to see if the world's biggest consumer bows to miners over iron ore prices.
Run-of-the-mill issues, such as first-half profits and oversupply, are likely to take a back seat at the meeting of the China Iron and Steel Association, which has led this year's marathon negotiations over contract iron ore prices, holding out for a bigger cut than agreed by its Asian rivals.
While analysts maintain that China has almost no choice but to accede to demands for a 33 percent price cut with miners Rio Tinto, BHP Billito) and Brazil's Vale, as recently as last week CISA's No. 2 official said such a deal was "impossible".
Source: Reuters/Forbes
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