BHP Billiton yesterday provided the strongest sign yet that the old mechanism to set annual prices for iron ore is losing its relevance as the miner said that nearly half its customers had moved to pricing systems linked to the spot market.
The announcement comes as global miners Vale of Brazil, Rio Tinto and BHP Billiton negotiate fresh annual contract prices with steel mills in Asia and spot prices rise strongly on the back of robust Chinese demand.
Releasing its production report for the six months ended December, BHP said a record 46 per cent of its Australian ore shipments were sold on “short-term referencing pricing”, with the remainder sold on annual contract prices.
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