Global mining companies with Japanese steel manufacturers of iron ore reached a new agreement, the preliminary
Foreign media reported that the global mining companies and Japanese steel makers have reached a preliminary agreement is intended to be linked with the spot market, short-term contracts to replace with 40-year-old, based on annual contracts and lengthy negotiations on iron ore pricing system.
This initial agreement sent the clearest signal to date that the mine operators under the pressure for change, the traditional annual iron ore negotiations on a system about to die.
Last week, Japanese media said, the Japanese steel mills have agreed that from April to June quarter, the price of 200 U.S. dollars per ton to the Rio Tinto and Canada's largest mining company Teck Resources to purchase high-grade coking coal and steel increases the potential to transform the for the quarter, pricing possible.
However, according to one executive involved in the negotiations added, including the Vale do Rio Doce, BHP Billiton and Rio Tinto mines, including providers, as well as Nippon Steel, Japan, Sichuan iron, Sumitomo Metal and Kobe Steel and other steel manufacturers still need to be resolved a number of important barriers, in order to reach a final agreement.
Prior to the implementation of annual coking coal prices have been pricing, but in this year's iron ore negotiations, BHP Billiton proposed a change from fiscal year 2010 begins next month, quarterly pricing.
However, mining companies are far from the Chinese and European steel companies to reach an agreement. European and Chinese steel industry executives want to maintain the annual benchmark price system.
If we adopt the linked quarter, and the spot market price system, iron and steel manufacturers will face higher costs. The current spot price of iron ore 143.8 U.S. dollars per ton, freight included, after the annual iron ore contract price of 60 U.S. dollars, more than doubling. 60 U.S. dollars as of April this year, the 2009-10 annual contract price.
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