Iron ore deal unlikely to end China’s price problems

Aug 17, 2009 | 11:06 AM |

China's biggest steelmaker has agreed to a 35-percent price cut for iron ore fines with an Australian supplier, but analysts said the deal is unlikely to end protracted annual contract negotiations.

Baosteel Group Corp. Ltd. agreed to the supply deal with Fortescue Metals Group Ltd. (FMG), Australia's third-biggest iron ore supplier. The price cut is more than the 28- to 33-percent cut in benchmark prices that has been agreed to by non-Chinese mills, but less than the 40- to 45-percent cut that China had been holding out for.....

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