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| Iron ore price negotiations - Vale tells China to drop benchmark - 12 Mar, 2010 | ||
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Bloomberg cited Mr Hu Kai an analyst at research company UC361.com as saying that Vale SA, the largest iron ore producer, told Chinese steelmakers it plans to drop a 40 year tradition of setting annual prices in favor of shorter contracts. Mr Hu said from Shanghai, citing mills he didn’t name, that the Rio de Janeiro based company sent a note to major Chinese steelmakers, who haven’t decided what their responses will be. Nikkei English News reported, without saying where it obtained the information that Vale is seeking to raise contract iron ore prices by more than 90% for the second quarter of 2010 in negotiations with Japanese steelmakers. (Sourced from Bloomberg) | ||
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