JPMorgan analysts said in a March 12 report that Chinese demand may drive contract iron ore prices up 65% this year. Their original forecast was for an increase of 20%. Steelmakers may pay $1.59 per dry metric ton as of April 1. “Chinese steel production has surprised post crisis and continues at a pace fast [...]
China’s major steel mills have not agreed to an interim iron ore price deal with BHPÂ Billiton, denying earlier reports of such an agreement. According to a source from a major state-owned steel mill, no price has been agreed between Chinese mills and any of the big three iron ore suppliers – BHP, Rio Tinto and [...]
China’s minister of industry and information technology said China wants more influence in negotiating iron ore prices. Amidst rising prices and domestic steel mills glutted with iron ore, Li Yizhong called on “the whole industry, all iron and steel producers, not to construct any new projects within three years.” The government is shutting down smaller [...]
China’s iron ore buyers may risk paying even higher cash prices as attempts to negotiate price reductions with suppliers have stalled. Prices for ore for immediate delivery rose to US$82.50 per metric ton last week, a four-month high, after the China Iron and Steel Association rejected a 33% reduction in prices proposed by Rio Tinto [...]
(Reuters) Shougang Iron & Steel said that Chinese steel mills would only accept iron ore prices close to 2007 levels. Shougang, China’s sixth-largest steel maker, made the comments while participating in annual talks between Chinese steel mills and international miners to set term iron ore prices. “The price should give miners some profit room for [...]
China’s steel industry expects a surplus of iron ore and falling prices in the global market next year, as the global economic crisis slows economic growth and orders from steel makers. “It’s clear where iron ore prices will be going,” said Liang Shuhe, deputy director of foreign trade at the Ministry of Commerce, at a [...]
