Steelmakers in South East Asia are paying special attention to negotiations on the yearly iron ore contracts and expect the benchmark price to decrease 44~45% to release cost pressures on the production of steel.
Sources in Malaysia suggest the iron ore price will be cut by 40~50% and PT Krakatau, the biggest steel producer in Indonesia estimates that the pig iron price will decline by 40% and the new price will be confirmed this week or next week.
Source: Alibaba News Channel/MetalBiz
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