China's top iron and steel trade body vowed on Friday to force local steelmakers and traders into a united front in negotiations with foreign miners, threatening to rescind ore import licences, in an escalation of the stand-off over annual contract prices.
In a statement issued after a tense two-day meeting in Beijing, the China Iron and Steel Association said it was determined to turn sales of seaborne iron ore “from a seller's market into a buyer's market”. Cisa did not offer any compromise on prices, only saying talks with miners were still ongoing, well past the June deadline.
Beijing demands a price cut for the 2009-10 annual prices of 40-45 per cent, while miners Vale of Brazil, Rio Tinto and BHP Billiton offered a 33-28 per cent cut.
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