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Iron ore miners progress talks with Japan
Issued at 2010-02-27
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Mining giants BHP Billiton Ltd, Rio Tinto Ltd and Brazil’s Vale are advancing annual iron ore price negotiations with Japanese customers, and plan a `take it or leave it’ approach with Chinese steel mills, according to reports.
Talks with Chinese customers broke down last year after steel mills pushed for price cuts deeper than the miners were prepared to accept.
Industry observers expect the benchmark pricing system will be ultimately scrapped in favour of an index-based system.
Some expect the benchmark price will rise by up to 40 per cent this year, compared to an average fall of 33 per cent last year.
Source: AAP
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