Brazilian miner, Vale SA, has reportedly told Chinese steelmakers that it plans to drop the 40-year tradition of setting an annual benchmark prices for iron ore in favour of shorter contracts, according to, an analyst at research company UC361.com.
Hu Kai, a Shanhai analyst, claims that Vale has sent a note to major Chinese steelmakers, although he did not cite any of the mills.
Vale is reportedly awaiting the steelmakers’ response.
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