Spot iron ore prices have risen above benchmark levels, adding a fresh complication to China's difficult negotiations with global miners ahead of a crucial deadline today.
The miners – Vale of Brazil, Rio Tinto and BHP Billiton have already agreed to cut annual benchmark ore prices by 28 to 33 per cent for deliveries to steelmakers in Japan, South Korea, Taiwan and Europe in the 2009-2010 year.
The China Iron and Steel Association, Beijing's top iron ore negotiator, has rejected this agreement as too expensive and is seeking a 40-45 per cent cut in prices.
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