Global miners and Japanese steelmakers have reached a tentative deal to replace the 40-year-old iron ore pricing system based on annual contracts and lengthy negotiations with short-term contracts linked to the spot market.
But the miners, including Vale of Brazil and UK-based BHP Billiton and Rio Tinto, and steelmakers such as Nippon Steel, JFE, Sumitomo Metals and Kobe, still need to resolve significant obstacles to reach a final agreement, the executive added. None of the Japanese steelmakers could be reached for comment.
The understanding is the clearest sign yet of the demise of the traditional annual system, following pressure for change by the miners.
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