BlueScope Steel called on one of its main suppliers of raw materials
BHP Billiton to reduce its
iron ore prices in the wake of the slide in world steel prices.
Steel prices have fallen in recent months as booming steel
production in
China has led to global oversupply. However,
iron ore prices are expected to rise to new high levels this year.
BlueScope Managing Director and CEO Mr. Kirby Adams said I dont think there is anyone in the global steel industry that is happy with pricing for
iron ore or
coking coal.
Mr. Adams said prices for other raw materials such as
scrap metal had begun to decline in line with the market conditions in the steel industry. The
scrap market is an open and transparent one, but the
iron ore market is completely the opposite, he said. Steel prices have come off and its time for
iron ore prices to come down.