Reuters citing Mr Pedro Gutemberg Vale global marketing director as saying that Brazilian mining company Vale will not move away from its quarterly iron ore pricing formula.
Mr Gutemberg said but the miner, the world biggest producer of iron ore, is proposing a new pellet premium pricing formula.
He said that "We are trying to convince the clients to accept that we have an iron ore content price, as we do with fines, and then we have a conversion premium.”
He added that it is a dual concept and we want to separate the two components of the price.
( Source: www.steelguru.com )