China-India iron ore summit bears no fruit

SteelOrbis Shanghai The iron ore summit held between China and India on April 13-14 showed no signs of any chance for long term iron ore supply contracts between the two countries. Speaking at the summit, China's Iron and Steel Association (CISA) Vice President Mr. Luo Bingsheng said, China and India should establish long term cooperation before long term contracts. Accordingly, the iron ore trade can be standardized by signing long term contracts among the miners, iron and steel enterprises and middleman first. Building appropriate grounds for signing iron ore contracts applicable to the entire miners and mills in the two countries would take a longer time. The Indian party including miners such as MMTC, KMMI, MSPL and NMDC did not respond to his statement. Both parties have agreed to strengthen the communication and standardize trading. Meanwhile, Baosteel spokesman today said the long-term iron ore talks between Chinese mills and global iron miners have not yet been completed.