China accepts 19% iron ore price rise
2006-05-30 08:30:01 【Print】
BEIJING (Asian Metal) 30 May 06 - According to Reuters' news, Chinese steel mills had decided to accept a 19 per cent price rise for iron ore, putting an end to months of negotiations with the world's top miners, including Brazil's CVRD, industry sources said overnight.
The sources said the decision came after a Beijing meeting of the country's top 16 mills, headed by Baosteel Group.
This would put Chinese mills in line with top steel makers around the world, including Arcelor and South Korea's POSCO, which have already accepted the 19 percent price rise first settled by ThyssenKrupp AG.
No comment was immediately available from Baosteel, which headed the negotiations with the miners, Companhia Vale do Rio Doce, (CVRD), Rio Tinto and BHP Billiton, thw world's biggest miner.
CVRD officials were also not immediately available to comment.
From: Reuters
