According to China Iron and Steel Association (CISA) said on Monday that China may ask Rio Tinto Group and other suppliers to slash iron ore price to 1994 levels as the steel prices have dropped significantly.
The secretary in general of CISA said that the iron ore prices should be conformable to steel price which has been down to 1994 level.
The benchmark contract price this year of iron ore sold by Rio Tinto was around US$92.58/ton and price sold in 1994 was US$16.685/ton.
Earlier forecasts by Australia and New Zealand Banking Group Ltd said that China might ask for 50 percent price cut by Vale, Rio Tinto and BHP Billiton.Source:Yieh.com
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Thursday, December 11, 2008
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