Baosteel, which represents China in iron ore price talks, yesterday opened the door to a shake-up of the 40-year-old pricing system based on annual contracts and lengthy negotiations, saying it would be “reasonable” to change it.
The comments by Xu Lejiang, chairman of Baosteel, are the first sign China might compromise with Vale, the Brazilian miner, and Anglo-Australian Rio Tinto and BHP Billiton in this year's negotiations.
The miners are pushing to replace the decades-old benchmark system with short-term contracts linked to the spot market.
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