Chinese steelmakers and miners fail to meet deadline
Tom Stundza -- Purchasing, 7/1/2009 2:10:48 PM
Normal
0
false
false
false
MicrosoftInternetExplorer4
China's
steel industry failed to reach a supply deal with the world's major iron-ore
producers by Tuesday's deadline. Yet, published reports from the region say the
Chinese steelmakers appear to want iron ore price talks with Australian miners
to continue.
As
reported earlier, big steel makers in Japan,
South Korea and Taiwan
signed up to a new benchmark price at a 33% discount to last year's pricing
levels. But firms from China,
the world's largest steel market, have been holding out for a better deal.
China's
state-controlled Xinhua News Agency says talks are continuing with Rio Tinto, the
lead negotiator for iron ore miners, even though the China Iron and Steel
Association (CISA) failed to get its desired 40% reduction in iron ore prices.
Now
that the negotiating deadline has passed, iron ore miners have the right to
sell iron ore at spot prices, which currently are higher than the benchmark
rate. Spot prices are volatile, however, and Rio Tinto has said it's not a
preferred method for sales. On the other hand, BHP Billiton, another large
Australian iron ore miner, has no opposition to selling at spot, or index,
prices.
EMC Corporation is the world's leading developer and provider of information infrastructure technology and solutions for industries worldwide. EMC creates complete information environments that are reliable, efficient, and secure. The result is...
more
LeanLogistics, Inc. is the global leader for innovative transportation solutions. Leveraging one of the industry's largest transportation networks, we combine technology and services to tailor transportation solutions to the needs of our customers...
more
Getty Images is the world's leading creator and distributor of still imagery, footage and multi-media products, as well as a recognized provider of other forms of premium digital content, including music. Getty Images serves business customers in...
more
Maxon Furniture Inc. is a premier manufacturer of office cubicles and systems furniture, and provider of innovative office planning tools. We offer a full range of quality, easy-to-install and reconfigure workstation cubicles, freestanding desks...
more
Ariba is the leading provider of spend management solutions. Delivered on demand, our enterprise-class offerings empower companies to achieve greater control of their spend and drive continuous improvements in financial and supply chain...
more