China's hard-line stance on annual iron ore negotiations with global miners is showing the first signs of softening as officials cast doubt over the future of their negotiating body and steelmakers seal provisional price deals with miners.
Li Yizhong, minister for industry and information technology, yesterday said steelmakers should close ranks in negotiations with Vale of Brazil, Rio Tinto and BHP Billiton.
But, in cautious language, he opened the door for Baosteel, the largest Chinese steel mill, to regain control of the negotiations, replacing the embattled China Iron and Steel Association, the government-backed industry body leading the talks this year.
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