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Steel prices are continuing to negotiate temporary ADPL long iron procurement price of 6.7 fold
Reporter was informed yesterday from the Steel Association, China's negotiations with the three major mining continues, the final results have not yet reached. BHP Billiton also said that negotiations are under way. It is learned that part of large and medium-sized steel enterprises in accordance with the price of long-term agreement last year, 6.7 fold the letter of credit issued to the mine to the procurement of iron ore.
"In the first ad came out, some steel mills and mines fell to their 33 percent agreed discount to calculate the purchase price of a letter of credit, this is only a temporary price, final price depends on the negotiation of the Association of Steel." Industry source said . Prior to this, China Steel Association asked domestic steel mills in the negotiations failed by 6 before the discount price of the provisional order to the mine, which is also the Steel Association has called for iron ore prices down 40% at least reflected.
14, Australian Trade Minister, met with clindamycin in Wuhan Iron and Steel Industry Association of China, Qi Tang Lin, general manager of Wuhan Iron and Steel. Qi Tang Lin said that the two sides should establish a fair and reasonable, mutual benefit and common development of benign and cooperative relations. Clindamycin, said Australia and China will actively seek long-term friendly business cooperation and development, the establishment of the supply of iron ore trade, prices, demand and mutually beneficial to both sides of the frame structure.
Customs data show that in June, China's imports 55.29 million tons of iron ore, in May than the 53.46 million tons by 3.4%. However, imports in May average daily volume of 2.81 million tons (19 days), in June to 2.51 million tons (22 days), according to daily average basis, the actual volume of imports in June than in May dropped 10.6 percent, more than 4 also on decline. China's iron ore imports slow down.
5,6 months of imports of iron ore spot prices in China by 65 U.S. dollars / ton (India 63%) up to 88-90 U.S. dollars / tons, up more than 35%. Domestic iron ore market during this period also sync up, which domestically produced flour Hebei prices 15% lower than the import price of iron ore. Analysts expect China's iron and steel enterprises imported iron ore prices will rise as fast, turn to increase the procurement of domestic ore.
Iron ore port in late May inventory the highest record in 2009 after the 73.5 million tons, has shown a slow downward trend, according to statistics, as of July 13, nine national inventories of iron ore import port for 68.96 million tons, the first two months times down to 70 million tons less than in mid-May fell by 6%.
Department of Commerce: Iron ore negotiations continue
For Rio Tinto "spy gate" position for the first time the Ministry of Commerce yesterday. YAO Jian Ministry spokesman said that Rio Tinto will not affect employees of China's foreign trade investigation and foreign investment environment. At the same time, the Ministry of Commerce to support the iron ore negotiations will continue.
YAO Jian yesterday at a routine news conference the Ministry of Commerce made the statement. YAO Jian, said the case of Rio Tinto will be dealt with according to law, foreign-funded enterprises must abide by Chinese law. Rio Tinto employees and access to national interests in connection, in terms of compliance with the law, professional norms and the conduct of multinational companies are a case in the future for the Sino-Australian trade impact.
YAO Jian said that China's iron ore producers and iron ore price negotiations are still ongoing, "I hope as soon as possible to reach a fair outcome of the negotiations." He said that the current iron ore pricing method is the formation of a stable mechanism for many years, is expected to be continue. In response, Rio Tinto spokesman said yesterday that the plan will be to, including China, iron ore shipped to customers around the world, he said Rio Tinto normal operations.
However, the process of negotiations on iron ore is still uncertain, and this did not quell rumors. Reuters quoted sources yesterday said that China's iron and steel enterprises have been quietly accepted Rio Tinto "starting price", the upcoming iron ore price in 2009 based on last year's 33 percent lower, China Steel Association has no attitude.
Another reported that another mine in Australia to BHP Billiton has been in the steel mills in Asia are quietly promoting its own iron ore price index system. In the beginning of last month, the market on reports BHP Billiton and China to discuss a large steel pricing index. Prior to China Steel Association said that in many occasions that China will not accept the index pricing system.
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