It is learned that an oversupply of iron ore next year, the world's
Recently, we have heard quoted Secretary-General of China Iron and Steel Industry Association, Shang-Hua Shan as saying that China will seek to begin in January each year the annual iron ore price negotiations, "because it suits China's iron and steel enterprises accounting system."
China's steel industry meeting will be held in mid-October, the meetings are usually marked the annual price negotiations begin. However, Shang-Hua Shan, said China Steel Association still under discussion with BHP Billiton (BHP) and Vale do Rio Doce (VALE) for 2009-2010 iron ore negotiations, but Rio Tinto (RIO) not one of them; and the negotiations are also negotiating for the year 2010-2011 preparation.
Shan Shang-Hua said that next year will be a global oversupply of iron ore due to the slow rebound in global steel production, which for a new round of iron ore price negotiations set the tone for the year.
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