China Say No to Iron Ore Monthly Pricing System

Resource from: CBCC Likes:2958

Aug 18,2010

China Iron& Steel Association (CISA) said that China would have a stronger say in iron ore negotiation in line with the supply/demand situation reverses. Iron ore market started to rebound since July 2, and the growth rate exceed 15 percent. Three largest mining companies try to promote new pricing system on the excuse of rising spot ore price. BHP Billiton proposes to change current quarterly pricing to monthly pricing. Chinese steel mills have the gut to say no to the propose right now as the supply/ demand situation changes. On August 12, quotation of Indian 63.5 percent iron ore rose to USD 155-157 per tonne (CFR), a level that is higher than USD 147 per tonne, the reported contract ore price for Q3 agreed by Rio Tinto and Japan and S Korea. The rise of steel price in China domestic market is on the back of iron ore price rise. In H1, China imported 309 million tonnes of iron ore, an increase of 4.06 percent year on year; the growth rate dived compared with same period last year. In Q2, China iron ore imports decreased in successive three months. China domestic iron ore production surged. Q2 production rose 37.61 percent compared with Q1. The supply and demand relation is changing.

(CBCC)

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