ann ou, page-13

China isnt going to stop needing iron ore. But no one knows the true extent of the fallout yet from the "global financial crisis" and boy am i sick of hearing those words.

Article below, theyre negotiating 2009 prices. Theyre in a good position to bargain i guess.

China seeks one iron ore price in tough '09 talks
23/10/2008 2:04:22 PM
QINGDAO, China, Oct 23 (Reuters) - China's steel industry will seek a unified iron ore price from Brazilian, Australian and Indian iron ore miners in the 2009 pricing negotiations, the head of the Chinese industry body said on Thursday.

"We are seeking one price for iron ore imports from Australia, Brazil and India," Shan Shanghua, Secretary General of the China Iron and Steel Association, told reporters at a conference in Qingdao.

"This needs efforts from the whole industry."

In 2008's price talks, Brazil's Vale negotiated its price first, followed by the next-biggest supplier, Rio Tinto (RIO.AX

Shan said Chinese steel mills had already begun contacting major iron ore suppliers for next year's long-term price. But he added that the annual price negotiation was likely to be tough because of global economic uncertainty. (Reporting by Alfred Cang; Editing by Anne-Marie Roantree)