Chinese hot coil tags up on iron ore settlement

May 27, 2009 | 09:39 AM |

Chinese domestic hot-rolled coil prices have gone up by 100 yuan ($15) per tonne from last week as traders anticipate that steelmakers might have to pay more than expected for iron ore this year.

The 2009 iron ore benchmark prices reached between Anglo-Australian miner Rio Tinto and Japanese steelmakers fell well short of Chinese demands, and it isn't clear if China will accept the same prices. The deal could encourage spot market iron ore prices to rise.....

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