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China Faces Fight Over Iron Ore Deals

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But time is running out for an agreement with Vale, Rio Tinto and BHP Billiton, with an informal deadline of June 30. After that, miners have warned previous long-term agreements with Chinese steelmakers would be void and they would sell ore at spot prices.

The China Iron and Steel Association, the country’s top negotiator with miners, has insisted that if Vale, Rio and BHP Billiton do not offer a larger price cut, it is ready to buy all the ore on the spot market.

“China will not make concessions in the talks,†Shan Shanghua, CISA secretary general, told the official China Securities Journal earlier this week.

well miners can hold out can china?


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