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Chinese steel mills reject iron ore price cut
(Xinhua)
Updated: 2009-06-01 13:45 China's steel companies refuse to accept the iron ore price cut reached between Rio Tinto and Japan's Nippon Steel Corp, the China Iron and Steel Association (CISA) said Sunday.
"This does not represent the mutually-beneficial relationship between steel producers and iron ore suppliers," said the CISA statement. "Chinese steel companies will not accept or follow the price cut." The CISA has insisted that the iron ore price should fall back to 2007 levels, which meant a price cut of more than 40 percent in the annual contracts of iron ore. CISA officials were not available for comment Sunday. (For more biz stories, please visit Industries)
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