Global miners have passed a milestone in their efforts to change the way iron ore benchmark prices are set by convincing major steelmakers to adopt prices more closely linked to the spot market.
BHP Billiton said on Tuesday that a “significant number” of Asian steelmakers had agreed to move from the 40-year-old pricing system based on annual contracts toward shorter-term pricing.
The Anglo-Australian miner, the world’s third biggest iron ore exporter, has lobbied for years to change the pricing mechanism used around the world. Vale of Brazil and Rio Tinto have joined the call more recently.
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