Baosteel on 3rd round iron ore talks

Baosteel on 3rd round iron ore talks

SteelOrbis Shanghai The third round of iron ore price negotiations between Baosteel -the representative of Chinese steelmakers- and the world's three largest iron ore producers –Australian BHP Billiton, Rio Tinto and Brazilian CVRD- has formally started. After two rounds of preliminary negotiations, the parties will now try to make a deal on the prices. The parties will have to determine a price before April. During the third round of negotiations, the parties will voice their views on the iron ore price trend as well as the supply and demand relation. Chinese steelmakers are expected to agree on a moderate increase on ore prices, following the sharp 71.5 percent increase of last year.