"only 33% ore price reduction?
the chinese were proposing 45% reduction!"
Well, I don't know... going by the latest Chinese import figures for IO, I'd guess the Chinese are pretty happy with that cut on last years price.
If they were trying to present a case for a bigger reduction, why were they importing so much IO over the last few months.
People regularly present a case for the Chinese manipulating the IO price but I think it has now been proven to be really a case of supply and demand. The Chinese demand for IO over the recent months shows that there was little pretention on their behalf. The whole world has noticed that they are big importers of IO once again. So, if they were pushing for a bigger price reduction, they went the wrong way about it.
They wanted the ore - they bought it, regardless of the ongoing iron ore price negotiations.
"only 33% ore price reduction?the chinese were proposing 45%...
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