RioTinto: iron ore negotiation of 2010 to be based on China's temporary price

Published: 02 Nov 2009 18:15:12 PST

November 2 MetalBiz--A senior manager from RioTintoPLC claimed on October 30 that the temporary iron ore price agreement concluded with China is estimated to be a starting point for the next year's negotiation.

SamWalsh, principal of iron ore department from Rio Tito told investors that he expected both sides would not reach the agreement on the final price of iron ore in advance.

Earlier this year, China's steel manufacturers and iron ore producers concluded a temporary price agreement which was in line with that inked by Japan, S.Korea and other Asian steel companies. However, China's steel makers insisted on adjusting the temporary agreement according to the final agreement reached by China Iron and Steel Association (CISA) who is on behalf of China in the negotiation this year.