Reuters news, Rio Tinto has notified China's steel companies that one of the world's three major iron ore suppliers, the iron ore contract price in the first quarter of 2011 may rise by 7.6%.
According to relevant sources, Rio Tinto has informed the price increase of iron ore in several major steel companies in the first quarter, and said that Chinese steel companies may be reluctant to accept the price increase.
According to the Steel Index, Rio Tinto's 61.4% pure iron ore price was $128.76/ton in the fourth quarter of this year. According to Reuters statistics, with the 7.6% increase plan, iron ore prices will rise to $138.55/ton in 2011.
At present, Rio Tinto has not commented on this news.
Rio Tinto spokesperson Gervase Green said: "We don't comment on prices, and we won't discuss prices with people outside the customer."
Some people have suggested that Vale may increase its price by 5% compared with the previous quarter. Iron ore prices for the first quarter of 2011 will be based on September-November 2010.
The article said that the China Iron and Steel Association has clearly opposed the new pricing system, but allowed individual steel companies to discuss iron ore contract prices with the three major iron ore suppliers. An industry source said that many small steel companies will not follow the quarterly pricing system and switch to a more flexible monthly pricing system.
According to relevant sources, Rio Tinto has informed the price increase of iron ore in several major steel companies in the first quarter, and said that Chinese steel companies may be reluctant to accept the price increase.
According to the Steel Index, Rio Tinto's 61.4% pure iron ore price was $128.76/ton in the fourth quarter of this year. According to Reuters statistics, with the 7.6% increase plan, iron ore prices will rise to $138.55/ton in 2011.
At present, Rio Tinto has not commented on this news.
Rio Tinto spokesperson Gervase Green said: "We don't comment on prices, and we won't discuss prices with people outside the customer."
Some people have suggested that Vale may increase its price by 5% compared with the previous quarter. Iron ore prices for the first quarter of 2011 will be based on September-November 2010.
The article said that the China Iron and Steel Association has clearly opposed the new pricing system, but allowed individual steel companies to discuss iron ore contract prices with the three major iron ore suppliers. An industry source said that many small steel companies will not follow the quarterly pricing system and switch to a more flexible monthly pricing system.
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