China has new proposal for iron ore negotiation
It is reported that despite of the growing number of the Asian steel mill signing contract of prices exceeding spot prices, China does not give up, and it said it has a new proposal for the stalemate negotiation.
Yesterday, the China Iron & Steel Association (CISA) said it would still try to get the price back to 2007 level but its language was weakened comparing with some days before.
By now, CISA did not publicize the detail of the new proposal.Currently, beside Japan and Korea, Taiwan’s steel mills had also accepted a 33 percent price cut in benchmark iron fines prices to US$62/ton at the export port, the price in destination ports will reach US$79/ton, which is higher than the spot market price by US$11.5/ton.
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