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Chinese government concerned about iron ore pricing talks

www.chinanews.cn 2006-03-22 15:49:35

Chinanews, Mar. 22 - China's National Development and Reform Commission
and Ministry of Commerce made simultaneous announcements on March 20th
that they are very concerned about talks conducted by Chinese enterprises
over long-term iron ore prices.
The Chinese Ministry of Commerce stated in its official website, "At
present, China's steel industries is caught between the rock of rising
costs and the hard place of lower profits and is unable to bear the
repeated inflation of international iron ore prices".
It was learned that relevant departments in China are currently
considering regulations that would limit price ceilings for imported iron
ore. To avoid a price surge in long-term contracts, these departments are
presently negotiating contract terms with the world's major iron ore
suppliers. Administrative departments will not release import licenses
for iron ore ships containing contracts with prices above ceilings.
The Ministry of Commerce has earlier decided to slow down the pace of
granting import licenses and has implemented limits on the prices of iron
ore originating from Australia and Brazil.
Long term iron ore contracts all expire on April 1st. China's steel
companies have conducted three-month seesaw negotiations with
international suppliers. But major ore suppliers from Australia, Brazil
and India have one after the other indicated their ore prices will rise.
India's steel companies have appealed to their government not to supply
iron ore to China, based on the reason that India's internal steel demand
is robust.

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