Fortescue talking on iron ore price with China

Published: 20 Oct 2009 00:34:36 PST

Oct. 20 MetalBiz--It is reported that Fortescue Metals Group, one Australia's iron ore producer recently claimed that the company is negotiating with China on the iron ore price of the fourth quarter in 2009. The report said that Fortescue in August had promised to sell the iron ore to China at the price of lower 3% than the price to Japan in order to obtain the financing from China, but due to the financing issue breakage in the two sides' negotiation, and therefore it is uncertain that whether the company still authorizes the previous offer. The report stated that presently China is Fortescue's main goal market, but Fortescue hopes to increase its production to 95mln tons from the current yearly output of 38mln tons through opening up the Japan and S. Korea market.