Chinese steelmakers and global miners are heading for a showdown over ore prices after Rio Tinto yesterday agreed to cut prices by a third for Japanese steel mills, much less than the reduction Beijing is demanding.
In a break with nearly 40 years of industry practice, some Chinese steelmakers immediately rejected the deal, insisting on cuts of at least 40 per cent.
“The 33 per cent is still too small a cut for us,” said a senior official at Ma'anshan Iron & Steel, one of China's largest mills. “We cannot make money at that level . . . we still insist 40 per cent is a reasonable cut.”
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