China capitulates as steel mills threaten to break ranks.
Australasian Business Intelligence, July, 2009
Byline: John Garnaut
Jul 01, 2009 (The Sydney Morning Herald – ABIX via COMTEX) — Sources claim the China Iron & Steel Association is now ready to demand a reduction in the price of iron ore from Australian suppliers that will be less than the initial target of a 40% cut. The change in its stance has been triggered by new economic data that shows the recovery in China will be quicker than previously assumed, meaning that commodity prices are set to also rise. Meanwhile the Chinese Government has concerns at the planned iron operations merger by Rio Tinto and BHP Billiton.
Publication Date: 2 July 2009
CHINA IRON AND STEEL INDUSTRY ASSOCIATION
RIO TINTO LIMITED - ASX RIO
BHP BILLITON LIMITED - ASX BHP
CHINA
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