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| Iron ore price negotiations - Talks go to extra time - 01 Jul, 2009 | ||
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Though the annual iron ore pricing negotiations appears to be delayed as both sides are in no mood to back off from their respective stances, the country's steel industry does not seem to be too perturbed by the fact. It is reported that the China Iron and Steel Association will extend tortuous negotiations over new benchmark prices for iron ore. CISA was reported by Shanghai Securities Journal that it would extend the talks that foundered as mining companies worked to further fracture the already disunited China steel sector. As per reports, negotiations will continue beyond June 30th deadline after the group failed to get agreement from major miners, including Rio Tinto and BHP Billiton, over its desired price cut of 40% or more from last year’s record highs. The end of June is usually the deadline for annual iron ore negotiations and buyers and sellers will have to trade on spot market from July if no agreement is reached. Talks were originally slated to conclude at the end of March, but they have staggered on. | ||
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