According to report from China Business News today, China’s steel mills finally accepted a 33 percent cut in iron ore prices for 6 months, which is lower than a 40 percent cut they previously requested.
The source has not been confirmed yet. If the source is correct, China’s steel mills had agreed the same prices that Rio Tinto offered its Japanese and Korean competitors, but only for half of term.
Rio Tinto also did not give any comments.
source: yieh.com