Rio, BHP offer Chinese steel mills monthly iron ore pricing

Jun 08, 2010 | 12:16 PM |

BHP Billiton and Rio Tinto are offering monthly contract iron ore prices to China, just two months after breaking away from annual pricing.

Sources at Wuhan Iron & Steel (Group) Corp. (Wisco) and Shagang Group, China's third- and fifth-largest steelmakers, respectively, said that BHP and Rio Tinto were offering a monthly pricing scheme on top of quarterly pricing.

"The contracted price for the targeting month will be based on the average of Platts' iron ore index recorded in the previous month, according to notices we received several days ago. We are evaluating the offer and haven't responded to it yet," a senior Wisco executive said.....

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