China has not yet received news of the Rio new pricing mechanism
-
China has yet to receive the official message from Rio Tinto that China can use a different pricing mechanism in the 2010 iron ore negotiations, said Chen Xianwen, director of the Marketing Department of the China Iron and Steel Association (CISA).
Sam Walsh, chief executive officer of Rio Tinto’s iron ore unit, said
Monday in Sydney that China could purchase iron ore under a new
mechanism next year on the condition that China did not put up any
unreasonable terms.“Setting a different pricing mechanism for China will be a beneficial solution both to China and Rio Tinto,” said Chen.
Shan Shanghua, secretary general of the CISA, said, “China will not
accept the price that the three biggest mining companies offered to
other countries’ mills. Since China imports nearly half of the world’s
iron ore output, it’s fair for us to ask for a bigger price cut.”China’s steel output was expected to reach 550 million tons in 2009, up
10 percent from a year earlier, driven by the government’s
4-trillion-yuan (586 billion U.S. dollars) stimulus package, Luo Bing,
vice-chairman of the CISA, said Tuesday.Rio’s new act was considered a sign of improving relations between
China and the world’s second-largest iron ore exporter. The
relationship strained after four Shanghai-based Rio Tinto executives
were arrested on charges of commercial espionage in August.Source: Chinamining
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Metal Biz reported that while analysts forecast a boosted steel demand in 2010, the China Iron & Steel Association also sees a 10% rise in 2010 to 2011 fiscal year’s iron ore contract prices, as steel production will need more iron ore. According to analysis from officials of CISA, China
China’s steel industry signed a high profile price cut agreement with Australia’s Fortescue Metals Group Ltd (FMG), avoiding Rio Tinto and BHP Billiton. This shows China’s intention to break the traditional negotiation model, so as to weaken the influence of the three iron ore giants. It also shows the willingness of
On August 17, China’s steel industry signed a high profile price cut agreement with Australia’s Fortescue Metals Group Ltd (FMG), avoiding Rio Tinto and BHP Billiton. This shows China’s intention to break the traditional negotiation model, so as to weaken the influence of the three iron ore giants. It also shows
The head of the China Iron and Steel Association (CISA) has refuted previous media reports that the National Development and Reform Commission rejected its proposal to unify the iron ore import price, the Beijing Times reported today. CISA chairman Shan Shanghua said the association is still pushing for a unified price
The China Iron and Steel Association (CISA), the de facto negotiator for the country’s steel mills in annual term iron ore price talks, said on Friday that excess iron ore imports are a serious hindrance in the talks. CISA, the country’s steel industry group, expects the country’s crude steel production to
China is still in talks with the world’s major iron ore firms for the annual supply deal, Friday’s Shanghai Securities News reported, citing Shan Shanghua, secretary-general of the China Iron & Steel Association (CISA). CISA demands all steelmakers around the country accept one unified iron ore import price once the price
China is still in talks with the world’s major iron ore firms for the annual supply deal, Friday’s Shanghai Securities News reported, citing Shan Shanghua, secretary-general of the China Iron & Steel Association (CISA). CISA demands all steelmakers around the country accept one unified iron ore import price once the price
Global iron ore suppliers are trying to impose pressure on Chinese steelmakers and the China Iron & Steel Association (CISA) by spoofing, namely, spreading rumors. Lately, there were foreign media reports saying that five major Chinese metallurgical companies had reached a temporary iron ore supply price with Vale, Rio Tinto,
After the failure to achieve any result in the 2009 iron ore price talks, the China Iron and Steel Association (CISA) has again ceded its place to leading Chinese steelmaker Baosteel as the chief negotiator on the Chinese side in the 2010 iron ore price negotiations. China’s Ministry of Industry
Anglo-Australian miner Rio Tinto said China could be priced differently from other iron ore markets in 2010, as it warned that “unfair” costs would make talks difficult, reports said Tuesday. The mining giant said the iron ore price-setting mechanism was evolving. “Any number of scenarios could relate to an outcome
Mining giant BHP Billiton called on Sunday for a more transparent system of pricing iron ore to replace the current system of negotiation. The comments follow the detention in China last month of four employees of rival Rio Tinto, including Australian citizen Stern Hu. They have been accused of illegally obtaining commercial
Mining giant BHP Billiton called on Sunday for a more transparent system of pricing iron ore to replace the current system of negotiation. The comments follow the detention in China last month of four employees of rival Rio Tinto, including Australian citizen Stern Hu. They have been accused of illegally obtaining commercial
Australian miner Atlas Mining has signed price “fairness” agreements with Chinese steel mills considering the uncertainty over future iron ore prices, Reuters quoted the company’s chief executive as saying yesterday. “We’ve got agreements that are based upon a benchmark but if the spot price varies above or below the benchmark at
Australian miner Atlas Mining has signed price “fairness” agreements with Chinese steel mills considering the uncertainty over future iron ore prices, Reuters quoted the company’s chief executive as saying yesterday. “We’ve got agreements that are based upon a benchmark but if the spot price varies above or below the benchmark at
The 2010 iron ore pricing negotiation between Chinese steel producers and ore giants are going on in a “normal and natural” manner, Beijing Morning Post cited Deng Qilin, vice chairman of China Iron and Steel Association (CISA) and general manager of Wuhan Iron & Steel Group (Wugang). Deng’s words scotched
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