A report in the China Times suggests that representatives of some of China’s biggest steel mills, including Baosteel, Wuhan Iron and Steel and other Chinese steel mills, have gone to Singapore for what is being described as "interaction" with the world's top three miners - BHP Billiton, Rio Tinto and Vale - about 2010 iron ore benchmark prices.
The report suggests that Chinese negotiators are pursuing price talks with the miners despite the miners' preference for customers in South Korea and Japan to act as price setters - a position previously enjoyed by Chinese mills.
The article did not cite sources and Baosteel and Wuhan Steel both declined to comment.
China's Ministry of Industry and Information Technology confirmed last week that Baosteel taken over the lead from the China Iron and Steel Association after CISA failed to deliver an outcome to last year’s talks. It suggested that the Association’s drive for a "unified" iron ore price is "now even more difficult to achieve". The association has been pushing for a single iron ore price in China, eliminating volatility in spot prices.
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