| News | ||
| Iron ore price negotiations - Japanese steel mills and Rio agree for 13pct cut - 09 Sep, 2010 | ||
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It is reported that major Japanese steelmakers have agreed with resources giant Rio Tinto to import iron ore in the October-December period at a price some 13% lower than the previous quarter. Reuter quoted Mr Gary Tsuchida spokesman of Kobe Steel as saying that "We have agreed to a 13% cut in the price of iron ore for October to December from July to September." Mr Akio Yokoyama spokesman of Sumitomo Metal also said that "Rio Tinto Group and Sumitomo Metal Industries Ltd. agreed on a 13% cut in iron ore prices to USD 127 per tonne for the October to December period from the previous quarter." Japanese steelmakers are expected to agree on similar price levels with other major iron ore suppliers. The move comes as demand for steel products in China is expected to weaken. The price of iron ore had been surging on China’s rapidly growing demand. (Sourced from Kyodo News and Reuters) | ||
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