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China steel mills accepts 19% ore price hike
www.chinanews.cn 2006-06-21 09:11:13
(Source: Xinhua)
June 21 - Chinese steel mills on Tuesday accepted a 19 percent price hike
on iron ore after extended negotiations with the world's three biggest
miners.
Baosteel, the nation's largest steel producer that is representing
Chinese steelmakers, reached the agreement with Anglo-Australian mining
firm BHP Billiton, a source with Baosteel said Tuesday.
Baosteel reached similar agreements with Australia's Rio Tinto Group and
Brazil's Companhia Vale do Rio Doc (CVRD), but the details would be
released on Wednesday and Thursday respectively, said the source.
CVRD and German steel producer ThyssenKrupp AG on May 16 initiated the
19-percent rise in contract prices of iron ore.
Chinese steel mills have hoped to secure a lower price increase after
being forced to accept a 71.5 percent hike last year.
However, many steel producers around the world had agreed to the price
hike, severely undercutting the Chinese bargaining position.
The China Iron and Steel Association (ISA) said earlier that setting the
price without considering the market in China, the world's biggest buyer
of iron ore, was unacceptable.
Failing to lower the price, Chinese steelmakers have expressed explicit
demands for considering the Chinese situation while setting the iron ore
price and improving the negotiation mechanism, which they claim has
obvious problems and flaws.
They also stressed during the negotiations that the supply and demand of
iron ore on the world market should be based on firm long-term
cooperation.
CVRD representatives said Chinese mills would be able to play a bigger
role in future negotiations, taking into account China's market scale.
BHP Billiton has forecast that a large proportion of the growing demand
for iron ore in the world market would come from China, and the Chinese
market could not be underestimated.
The ISA has pledged to strengthen administration of the iron ore trade,
regroup the iron and steel industry and eliminate out-dated production
capacity in order to stabilize supply and demand.
��China strives for fairness in iron ore negotiations
��Iron ore price talks hit a critical point
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