Commodities | Jun 08 2006
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By Rudi Filapek-Vandyck
China’s largest steel producer Baosteel is about to sign off on a 19% price increase for contract iron ore this year, trade magazine Steel Business Briefing has reported citing an anonymous official of the company.
The news has been denied by an official from the China Iron and Steel Association (CISA). According to CISA no decision has yet been taken and negotiations between Chinese steel mills and their iron ore suppliers are still ongoing.
According to the first announcement by the trade magazine, Baosteel, on behalf of the Chinese steel industry, has accepted the proposed 19% price increase and will be making an announcement "soon".
To be continued, no doubt.
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