Rio Tinto, the world’s second-biggest miner of iron ore, acknowledged publicly for the first time that price negotiations with Chinese steel mills had ceased, underlining suppliers’ dwindling support for a system that is cracking apart.
Sam Walsh, head of Rio’s iron ore division, said that Rio was no longer negotiating with China’s steelmakers – the world’s biggest – to agree a benchmark iron ore price for the contract year that began in April 2009.
Source: FT
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