China's steel mills reached 19% price increase agreement with three major iron ore producers

Xinhua Net Hai, June 20 (Reporter Li Rong) The reporter learned from authoritative sources that Baosteel Group reached a price agreement with BHP Billiton (BHP), a major iron ore producer, on the 20th on behalf of the Chinese steel mills. The price of fine ore and lump ore This is a 19% increase over the previous year. This increase was in line with the "starting price increase" accepted by most of the world's steel makers.

Baosteel and two other iron ore giants, Australia’s Rio Tinto Group’s Hammersley and Brazil’s Vale, have also reached the same price agreement, and price information will be released on the 21st and the 22nd respectively.

Since the information on the global iron ore contract price is basically issued by the mine, Chinese steel mills will no longer issue information at the same time. The China Iron and Steel Association may recently represent China's steel mills to make an overall assessment of the global iron ore price negotiations this year.

The "China price" that the industry is concerned about does not appear. On May 16th, Brazil’s Vale and Brazil’s ThyssenKrupp entered a 19% initial price increase. Chinese mills stated that pricing did not fully consider “the situation in the Chinese market” and considered it unacceptable and resolute. It is required to continue negotiations with the three major mining companies to discuss with the negotiating team the most outstanding issues concerning the Chinese market.

Industry sources said that although "continue negotiations" did not bring direct and obvious results, Chinese steel mills have clearly sent out three major signals: First, global iron ore price negotiations must fully and seriously consider the "China factor"; The current price negotiation mechanism has some obvious problems and deficiencies. It requires the supply and demand sides to seriously look for ways to improve and perfect it. Third, ore supply and demand should be based on more solid long-term cooperation. This is the "foreshadowing of the Chinese steel mills for the future negotiations."

The global iron ore negotiations in 2006 will be prolonged. For most of the time, the "main battlefield" for negotiations was in China. Market analysts here say that compared to last year’s negotiations, the “speech right” of Chinese steel mills has been significantly enhanced in the negotiations. However, the right to speak has not been translated into pricing power. The main reason is that "contrast of market forces" has not yet created sufficient conditions for the Chinese side. (

See related topics: up! rise! ! rise! ! ! Iron ore price tracking

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