鐵礦石

Mining companies lock horns with China on pricing

Miners will demand hefty price increases for iron ore and coking coal during the annual contract negotiations that start in China this week, opening the door for a clash with Beijing on the cost of the commodities.

The demand comes amid a rally in commodities prices, from crude oil to copper, on the back of strong China growth and a weak dollar, and is likely to boost miners' shares, which have surged since January.

Vale of Brazil, Rio Tinto and BHP Billiton will ask for a 30-35 per cent increase in iron ore prices for 2010-11, partially reversing the 33 per cent cut agreed for 2009-10, according to mining executives familiar with the negotiations.

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