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Home Steel News Wisco signed iron ore supply contract with Australian ADY
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Wisco signed iron ore supply contract with Australian ADY

15 Oct 2007 18:31 reported by Paul Xu

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It is released that China’s Wuhan Iron and Steel Corp. (Wisco) has signed an agreement with Australian Admiralty Resources (ADY) on October 12 to seure the iron ore supply for over 26 million tons for the coming ten years. This settlement represents a continuous strong demand of ores in China market which may lead an increasing price at the iron ore negotiating meetings with the global major iron ore suppliers in the coming year.

According to this agreement, ADY will supply 750,000 tons of iron ore to Wisco in 2008, and 1.3 million metric tons each for 2009 and 2010, 3 million metric tons a year for years of 2011 to 2018, according to the estimated schedule.

ADY mentioned that this agreement also indicates that Wisco group's purchasing price will be pushed up by around 9.5 percent for setting further long term settled price.

Besides, the price quoted for 2007 is very close to CVRD's standard price and ADY said that the future supply agreement for 2008 to 2018 with Wisco will be adjusted based on this standard.

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