Business Services Industry
China talks fail to iron out price.
Australasian Business Intelligence, April, 2006
Byline: Stephen Wyatt and Jo Clarke
Apr 30, 2006 (The Australian Financial Review - ABIX via COMTEX) -- An international iron ore pricing agreement is now so overdue that a two-year deal may be necessary. On the last weekend of April 2006, Australian miners Rio Tinto and BHP Billiton and Brazilian rival Companhia Vale do Rio Doce finished their fifth round of talks with Chinese steel makers, and still failed to negotiate a price. The 2006-07 season is already advancing, with several contracts set to expire on 30 June. In cases where contracts have ended, buyers will have to pay significantly higher spot market prices. Analysts suggest that in order to avoid embarrassment for the Chinese companies, the iron ore suppliers may have to offer a two-year...
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