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Rio, BHP meet Japanese steel mills in latest round of iron ore price negotiations
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Rio Tinto and BHP Billiton are eyeing to increase annual iron ore contract prices. With the current tight supply situation they might just be able to achieve this when negotiations resume with Japanese steel mills in Tokyo this week. It was reported that progress in negotiations between iron ore suppliers and Chinese steel producers lead by Baosteel, has been slow. China imported a total of 280 million tons of iron ore in 2005. The most important meeting this week is between steel mills and the world’s largest producer and price setter, Brazil’s CVRD. They have been taking an aggressive stance in looking for a price rise. It was rumored that they have been pushing for an increase of up to 40 percent. (Jan. 15)
News Date
1/15/2006 11:18:50 PM
reported by
Ann
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