Vale SA, Rio Tinto Group and BHP Billiton Ltd. have sidelined China, their largest customer, in annual iron ore price negotitions with the miners talking instead to Japanese customers to reach a benchmark agreement, the Financial Times reported.
The miners have so far held no substantive negotiations with the Chinese side, led by Baosteel Group Corp., the FT reported, citing people familiar with the talks that it didn’t name. The mining companies have no plans to travel to China for discussions, with meetings held in Singapore, the FT said.
Source: Bloomberg/FT
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