Iron ore price talks in lockup

cctv.com 02-24-2006 13:08

The latest round of talks on iron ore prices has failed to make any progress. But China is still insisting on stability of iron ore prices in 2006.

Baosteel, China's largest steel maker recently failed to reach an agreement for 2006 iron ore prices with major overseas miners, such as Australia's BHP Billiton and Rio Tinto Group. Baosteel says, since domestic steel manufacturers are in over supply and overseas suppliers are so diversified, a price increase for iron ore is not justified. Baosteel is the only representative of Chinese enterprises in talks with miners this year, and the prices Baosteel agrees to will be acceptable by all domestic mills and iron ore traders.

Editor:Chen Zhuo  Source:CCTV.com