Rio Tinto joins BHP and Vale to end annual ore pricing |
BBC News - Apr 9, 2010 |
Rio Tinto has followed rival mining firms and says it is negotiating new iron ore supply contracts priced for three months rather than a year.
The move ends years of tradition and is seen as a demonstration of the power the miners have over their customers.
Demand is at record levels, especially from China, whose appetite for ore and other commodities continues to grow.
Last month, BHP Billiton and Vale agreed quarterly contracts with some Asian steel mills.
Japan and South Korea seem to have accepted the change, but China's position is less certain.
Read Full Article from BBC News
- Posted: 2010-04-09 08:59:47
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