Source: Antara, July 1, 2009
Chinese steel makers appear to want iron ore price talks with Australian miners to continue, despite Tuesday's negotiating deadline passing without a result.
Arrangements for iron ore deliveries are in uncharted watersafter annual talks to deliver a benchmark price failed for the first time to deliver a result with some major steel mills before deadline, on July 1.
Industry body the China Iron and Steel Association said talks were continuing, but Rio Tinto (ASX:RIO), taking the lead in negotiations for iron ore miners, has refused to say whether negotiations were continuing now that the deadline had passed.
Big steel makers in Japan, South Korea and Taiwan have already signed up to a new benchmark price at a 33 per cent discount to last year's level. But CISA is seeking a 40 per cent reduction in iron ore prices.