No progress seen in iron ore talks as informal deadline passes

Jun 30, 2009 | 12:11 PM |

China will continue negotiations on iron ore contract prices despite passing an informal deadline for the talks to conclude, but will not drop its demand for a return to 2007 prices, according to a report from China.

China's steel industry is "still in talks with major iron ore firms for the annual supply deal," Chen Xianwen, director of the market operations department of the China Iron and Steel Association, told the Xinhua news agency.

This year's negotiations are deadlocked, with China apparently refusing to accept the prices agreed by Rio Tinto and BHP Billiton with other Asian buyers, and the miners threatening a wholesale shift to the spot market.....

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