AFX News Limited
China's Baosteel accepts 19 pct iron ore price hike - report
06.07.2006, 1140 PM
BEIJING (AFX) - Baosteel has accepted a 19 pct rise in iron ore import prices for the current contract year, the Steel Business Briefing reported, citing a Baosteel official.
Baosteel, representing the Chinese steel industry in the price negotiations, has accepted a 19 pct hike (in iron ore prices) the trade journal said.
It added that China's largest mill will be making an official announcement 'soon.'
Baosteel has been in extended negotiations with the world's leading miners to set iron ore contract prices.
Most major steel markets, including Europe and Japan, have already agreed to the 19 pct increase.
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19pc increase from china out of london 45 minutes
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