Free Chinese Lesson - Tension over rising ore prices

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Tension over rising ore prices

www.chinanews.cn 2005-04-13 13:35:02

Chinanews, Apr. 12 - China Iron Ore 2005 and the 3rd Far East Steel
Conference were held in Beijing yesterday. Brazil's Companhia Vale do Rio
Doce (CVRD), Australia's Rio Tinto and BlueScope Steel Limited (formerly
BHP Steel Group), the world's largest iron ore producers, China Iron and
Steel Association and sixteen large Chinese steel producers gathered at
the China World Hotel to discuss iron ore prices.
On Feb. 22nd, Japan's Nippon Steel Corporation signed a long-term supply
deal with Brazil's CVRD that included a 71.5% hike in ore prices.
Following the move, Australia's BlueScope Steel Limited demanded the
addition of ocean freight costs to iron ore prices, which aroused
protests from Asian steel producers; the two sides have yet to reach an
agreement.
The conferences provide an opportunity for iron ore suppliers and steel
producers to communicate. During these most recent conferences,
representatives of the Chinese steel industry stated that Chinese steel
producers would rather reduce production than yield to unreasonable ore
prices. They further expressed that China was capable of dealing with a
71.5% price hike; but, short-term profiteering would only harm iron ore
producers, and iron ore prices should drop to a reasonable level.

          ��Iron ores prices may push up CPI (2005-04-08)
          ��China reacts to skyrocketing iron ore prices (2005-04-01)
          ��Steel enterprises face new crisis (2005-04-06)
          ��China abolishes export tax rebate on steel billet (2005-04-04)
          ��Steel makers to suffer heavy losses (2005-03-25)
          ��Steel prices to rise sharply in China (2005-03-02)

E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649

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