China steel group sees iron ore price rise next yr

Published: 02 Nov 2009 18:37:19 PST

BEIJING, Nov 3 - The China Iron and Steel Group (CISA), the country's top iron ore negotiator, said on Tuesday that it sees ore prices rising in the next round of annual talks, but there is little room for the price to rise.

The 2010/11 iron ore price negotiation would start soon, CISA's Vice Chairman Luo Bingsheng told a media briefing.

This is the first time that the association made comments on the iron ore price trend for the next fiscal year.

China's steel industry has steadfastly resisted a 33 percent price cut in iron ore term prices this current fiscal year that was accepted by rivals in Japan and elsewhere, holding out for deeper cuts.