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| China's Steel Association Unhappy About Pricing Move |
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The China Iron and Steel Association (CISA) criticized on Monday the world leading iron ore supplier for its move to unilaterally announce its annual price while international negotiations are continuing. A spokesman for CVRD of Brazil announced on March 29 that it will raise its 2006 iron ore price by 24 percent over last year's price. The CISA regards the move by CVRD to be "extremely ill-considered and in violation of the rules of the international iron ore price negotiation." An official with the CISA who refused to give his name told Xinhua that the iron ore price proposed by CVRD is "unacceptable." He said following the international rules of ore price negotiation, price information should only be released to the media after at least one ore provider has made a pricing agreement with a steel plant. CVRD's public price announcement is totally against the international norms in this field, said the official. As of March 15, China's 18 main ports had stores of 38.9 million tons of imported iron ore and stores of ore at the major steel corporations were above 25 million tons. (Xinhua News Agency April 4, 2006) |
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