Business Services Industry
Chinese face iron resolution.
Australasian Business Intelligence, May, 2006
Byline: Stephen Wyatt
May 30, 2006 (The Australian Financial Review - ABIX via COMTEX) -- Chinese steel mills are expected to cave in to pressure for a 19 per cent rise in the price of iron ore. Australian producers BHP Billiton and Rio Tinto, along with Brazil's Companhia Vale do Rio Doce, will sign agreements in early June 2006 according to Chinese industry insiders. The deals will follow similar contracts with mills in Japan, Europe and South Korea. However the Chinese have made no official statement, claiming negotiations are still ongoing. China buys more than 40 per cent of the world's traded iron ore.
Publication Date: 31 May 2006
BHP BILLITON LIMITED - ASX BHP
RIO TINTO LIMITED - ASX RIO
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