News
Leading Chinese steel mill Baosteel has not formally agreed a price for iron ore in the third quarter but may have to swallow whatever the big miners offer, a company official said on Friday. Full Coverage
China Stance
The iron ore swap market is expected to grow leaps and bounds in volumes after the pricing of the commodity shifted from the traditional benchmark system to market-related prices, industry sources said on Monday. Baosteel to be evaluated for Nissan supply
Steel Industry
So far, domestic steel prices have dropped for 12 weeks in a row, with some categories losing 1,000 yuan per ton, said Su Lifeng, an analyst with Guoyuan Securities.
The Miners
BHP Billiton Ltd, the world's largest mining company, may use last month's 16 percent decline in iron-ore prices to persuade steelmaking clients to pay cash instead of contract-based prices from the next quarter.
Overseas M&As
Shandong Iron & Steel Group on Tuesday said it will pay $1.5 billion for a 25 percent stake in African Minerals' iron ore project in Sierra Leone to bolster raw material supplies.
Backgrounder
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China:China Iron and Steel Association (CISA), provides service to steel producers as bridge, link, adviser and assistant. |
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Rio Tinto:Based in Melbourne and London, the world's second-largest supplier of iron ore. |
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Japan:Nippon Steel Corporation,the largest Japanese steel producer, based in Tokyo.
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South Korea:The Pohang Iron and Steel Company(Posco), the world's fourth largest steelmaker.
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EU:EUROFER, founded in 1976, and located in Brussels, represents 100% of steel production in the EU.
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