The Daily Star

Your Right To Know
Monday, January 23, 2017
Wednesday, June 25, 2008

Notice: Undefined variable: row in /var/www/archive/newDesign/latest_news.php on line 276

China's Baosteel said Tuesday it would nearly double the price it pays mining group Rio Tinto for iron ore, in a deal experts said underscored the Asian giant's lynchpin role in the commodity boom.

Baosteel, China's largest steel maker acting on behalf of the nation's industry as a whole, negotiated to pay between 80 and 97 percent more than last year depending on the category of iron ore, which is used to make steel.

"China is a major iron ore importer. So China's iron ore imports will certainly impact the world's iron ore prices," said Lim Shuaik, a Beijing-based analyst with Fitch Ratings.

The new prices will affect all iron ore deliveries for the 2008 contract year that began on April 1, Anglo-Australian giant Rio Tinto said in a statement.

Baosteel called the deal mutually beneficial and said it would help the long-term development of the steel industry on both the mining and milling sides.

Share on






The Daily Star

©, 1991-2017. All Rights Reserved

Warning: fopen(cache/static-latest_news-42681.html): failed to open stream: Permission denied in /var/www/archive/newDesign/bottom-cache.php on line 3

Warning: fwrite() expects parameter 1 to be resource, boolean given in /var/www/archive/newDesign/bottom-cache.php on line 4

Warning: fclose() expects parameter 1 to be resource, boolean given in /var/www/archive/newDesign/bottom-cache.php on line 5