CISA and Rio Tinto hold video conference on iron ore pricing system
2020-12-16 16:52:21 [Print]
On the morning of December 15th, Luo Tiejun, Vice Chairman of CISA, held a video conference with Rio Tinto representatives, including Simon Farry, Vice President for iron-ore sales and marketing at Rio Tinto.
In the video call, Luo Tiejun mentioned that Rio Tinto recently traded at a high premium through platform, with an increase beyond expectations. He described the current pricing mechanism as unreasonable and not conducive to the long-term healthy development of upstream and downstream. Both suppliers and consumers must study and establish a new pricing mechanism instead.
Rio Tinto noted strong demand for iron ore and understands the challenges volatile prices pose for end-users, adding that it is willing to work with the demand side to optimize and improve the pricing mechanism.
In the video call, Luo Tiejun mentioned that Rio Tinto recently traded at a high premium through platform, with an increase beyond expectations. He described the current pricing mechanism as unreasonable and not conducive to the long-term healthy development of upstream and downstream. Both suppliers and consumers must study and establish a new pricing mechanism instead.
Rio Tinto noted strong demand for iron ore and understands the challenges volatile prices pose for end-users, adding that it is willing to work with the demand side to optimize and improve the pricing mechanism.
