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Market:ASX 200
Sector:Investments and Funds
EPIC:XJO
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China iron-ore price talks reportedly to conclude by April 1

Monday, February 08, 2010
China iron-ore price talks reportedly to conclude by April 1

Iron ore benchmark price talks for 2010 will likely end by April 1, the China Securities Journal reported Thursday, citing an unnamed person close to the talks.

At the same time, the Chinese side isn't ruling out a half-yearly price arrangement, given volatile iron ore spot prices, though China still insists on the long-term benchmark pricing arrangement, the daily said.

Chinese steel mills, led by the country's largest steelmaker by output Baosteel Group Corp., negotiate annual bulk prices for iron ore with global miners Rio Tinto Ltd., BHP Billiton Ltd. and Vale SA.

Last year's talks collapsed without a result as China held out for deeper discounts than the miners had settled with other Asian customers against a backdrop of China's arrests of Rio Tinto employees on charges of bribery and commercial espionage.

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