Insiders yesterday disclosed that the Baosteel Group has ended
the first round of iron ore talks with major ore suppliers on
behalf of the Chinese steel industry. The time for the second round
of talks has not yet been decided. The negotiations have not
reached the most sensitive part – price.?
Sam Walsh, chief executive of Rio Tinto Iron Ore, also said that
the negotiations are still underway but are progressing rather
slowly.??
Recently news which was not conducive to Chinese steel makers
also broke amid the negotiations: the India Steel Ministry is
considering raising its export tariff on iron ore; Brazil's
Companhia Vale do Rio Doce (CVRD) will reduce its ore export 60,000
tons a day between January 7 and the end of February due to the
closedown of Itaguaí, an important port to export iron ore.
With the temporary tightening of ore supplies, freight prices
have plummeted sharply, thus gaining buyers some say in the talks
on ore prices.??
For more details, please read the full story in Chinese. (
http://www.china-cbn.com/s/n/000004/20080117/000000087928.shtml)
(China.org.cn January 17, 2008)
