Rio Tinto – China iron ore talk is still unfinished
WSJ
At present, Rio Tinto – China iron ore talk is not negotiating as said by Rio Tinto’s CEO, Sam Walsh. However, China steel companies are still buying Rio's contractual ore shipments on a "provisional" pricing basis that set at 33% benchmark price cut agreed to earlier this year by its Japanese customers and it is reported that China buyers satisfy with a provisionally priced basis, from Australia and Brazil, cheaper than material they've been able to purchase from India on a spot basis. Analysts estimate that Australian benchmark ore, landed in China, is priced at roughly $70 a metric ton, versus current Chinese spot prices of around $80/ton.
By the way, in case of Rio Tinto’s employees arrested, Mr. Sam Walsh said that the case is moved to legal state and all employees have been able to hire skillful lawyers who will represent them.
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