Subscribe to RSS feedRio scorns ore price play
by
Sam Collyer
—
last modified
Aug 20, 2009 04:52 PM
RIO TINTO has rubbished claims that Fortescue Metals Group’s acceptance of a 35% iron ore price cut this week will establish an industry precedent.
The China Iron and Steel Association (CISA), led by steel producer Baosteel Group, had on Monday secured a hefty cut in the price of Fortescue’s iron ore for the second half of 2009.
Steelmakers will pay US$55.50 a tonne for...
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