China unlikely to accept rumored 50% iron ore price hike

Mar 04, 2010 | 12:12 PM |

China will find it hard to accept a 50-percent hike in 2010-11 iron ore contract prices, market sources said.

BHP Billiton, Rio Tinto and Vale have tabled a 50-percent demand in benchmark talks, unnamed sources at a large Chinese steel mill told the state-owned China Daily newspaper.

While China could have a tough time resisting demands for such a hike, given current spot prices, Chinese analysts, traders and steel mills said it also would be tough to accept.....

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