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Rio Tinto may slash Q2 iron ore prices

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According to report, the world’s second largest iron ore miner, Rio Tinto, may cut iron ore contract prices for the Q2 by 9%, especially for customers in northeast Asia.

Iron ore fines prices may drop to US$2.1023 per dry metric ton for April to June period from US$2.3161 the current price. The price represents about 24% down from the same period one year earlier.

Rio Tinto’s prices are based on the average of spot prices in December to February to decide the Q2 prices.

However, its Chinese customers preferred to buy on current quarter or spot basis prices. Only in northeast Asia adapted the quarterly lag system.
News Date 02 Mar 2012 16:55:19 reported by Judy Lin

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