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Price of Indian Spot Iron Ores Declines(SinoCast Via Thomson Dialog NewsEdge)SHANGHAI, Apr 28, 2006 (SinoCast via COMTEX) --This week, the fifth-round negotiation between China's steel plants and world iron ore suppliers will start. According to the analysis, China is likely to make an agreement with Australia; in the negotiation between Brazil and China, CVRD, the mining tycoon in Brazil remains the tough attitude of increasing the iron ore price by 24%, but the insider revealed that China can not accept the price if the markup exceeds 20%. The continuous declining price in international and especially Indian iron ore spot market adds weight for China, which opposes the markup of the long-term contract in the iron ore negotiation. The data shows that as China's largest import country of iron ore spot, the trading price of Indian's iron ore with the export grade 63.5% is USD 65 per ton, equivalent with the FOB of USD50 per ton, lower than the previous price of USD 52 per ton. (USD1=CNY8.0212) From dycj.ynet.com, Page 1, Thursday, April 27, 2006 [email protected] |