China is considering initiating a cartel investigation into the big three iron ore giants, BHP Billion Ltd., Vale SA and Rio Tinto Group, the Chinese press has reported.
The Chinese state authorities are currently researching the issue of price manipulation by the three companies in the context of the sensitive annual iron ore talks, Chinese press reports have said, adding that it will soon be revealed whether the country will start an investigation.
As SteelOrbis previously reported, the Chinese steel industry has been outraged by the massive iron ore price increases of more than 90 percent in quarterly contracts which are being sought by the iron ore industry.
The European Commission has also been approached by the European steel industry to investigate the seaborne iron ore market.