Resource News

Chinese ore price soars amid haggling

CHINESE spot iron ore prices have surged to a fresh four-month high, boosting BHP Billiton and Rio Tinto’s fortunes as annual contract price talks with China head into uncharted territory.

Metal Bulletin-posted spot prices of iron ore at Chinese ports rose $US4 to $US81.50 a tonne in the past week, climbing above the equivalent price Rio and BHP recently negotiated with their other Asian customers. 

The China Iron & Steel Association, which is the sole Chinese negotiator with BHP and Rio in this year’s talks, has bucked convention by refusing to bow to a 33 per cent discount on benchmark iron ore fines contract prices agreed to by Japanese, Korean and Taiwanese steelmakers…read more at The Australian Business