Iron ore suppliers agree on temporary 40% price reduction
It’s reported that iron ore suppliers have reached an agreement with Chinese steel industries on a temporary price reduction of 40% from last year’s level intending to secure iron ore sales amount.Shan Shang Hua, Secretary-General of China Iron and Steel Association (CISA) indicated that according to this agreement, Chinese steel enterprises would pay 60% of 2008 contract price from January 1st of this year, which brings the iron ore price back to the level of 2007.
However, Brazilian iron ore giant Vale denied last Friday that they hadn’t made any commitment to the price-cut request.
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