China steelmakers to buy more domestic ore than Vale's
Chinese steelmakers said Friday that they will buy more iron ore from domestic suppliers than from the Brazilian miner Vale, who asked for a price hike of 12 percent to 13 percent. Baosteel, Wuhan Iron and Steel Co., and other steelmakers have agreed with domestic iron ore suppliers early this week to buy more from them instead of from Vale. The steelmakers are rejecting the price hike by Vale because of a steel slowdown in demand from automakers and builders. The quality of domestic iron ore is better than Vales's, and its price is also cheaper with big volume available.
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