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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (37565)	5/24/2009 12:18:55 PM
From: LoneClone	Read Replies (1) \| Respond to of 195116

Iron ore price negotiations - China may demand bigger cut than Japanese Sunday, 24 May 2009 steelguru.com Bloomberg reported that China, the world’s largest consumer of iron ore, may demand a bigger price cut than the 30% to 35% price reduction that Japanese mills are requesting. Chinese steelmakers had previously said they wanted a price cut of between 40% and 50% from iron ore producers including Rio Tinto Group and Cia Vale do Rio Doce, the world’s two biggest suppliers of the steelmaking ingredient. Mr Luo Bingsheng vice chairman of the China Iron & Steel Association said “We would not change our request.” Mr Luo said Chinese steelmakers can choose to buy more iron ore on the spot market should contract agreements with producers not be reached. That will be a decision to be made by the steelmakers and not one decided by the association. Two people familiar with the talks said Japan’s Nippon Steel Corp. may be close to agreeing a 30% to 35% cut in iron ore contract prices with producers including Rio.