Pressure on China to end ore impasse
July 8th, 2009
China is facing more pressure on the annual contract talks for iron ore supply, which is stalled with producers, because of the increasing cash prices. Ore for immediate delivery rose to a four-month high of $82.50 a ton in the week ended July 3, according to Metal Bulletin. The China Iron and Steel Association has rejected London-based Rio Tinto Group’s offer of a 33 percent cut in annual prices, accepted by Japanese and South Korean mills, and let a June 30 accord deadline lapse. “If
