Global miners have sidelined China, their biggest customer, in the annual iron ore price negotiations because of political gridlock over the resource in the industry and government and fears about retribution if the talks collapse.
Vale of Brazil, Rio Tinto and BHP Billiton, the big operators that mine iron ore in Australia, are talking instead to Japanese customers to reach a benchmark agreement that they can present to Beijing on a “take it or leave it” basis.
The decision to sideline Beijing is remarkable as China is the largest iron ore importer, accounting for more than 50 per cent of the seaborne market.
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