swing high wednesday, page-45

P.J beat you to the post

RIO Tinto and steel mills in Japan have settled on a price cut of 13 per cent for iron shipments made between October and December.

The cut follows predictions from Rio's and BHP Billiton's management that prices would fall in the short term because of a temporary drop in demand from China.

It also follows a 7 per cent reduction in coking coal prices that Japan's mills extracted from BHP for the December quarter. The reductions are the first price cuts for both commodities since April 2009.

http://www.theaustralian.com.au/business/japanese-mills-cut-rios-iron-ore-price/story-e6frg8zx-1225916100996