On April 28, Luo Bingsheng, vice chairman of the China Iron and Steel Association (CISA), stated that the iron ore price negotiations between Chinese steelmakers and the major miners are continuing. He also said that, in order to ensure production, domestic steel mills may come to temporary price agreements for iron ore purchases from the big miners.
Mr. Luo stated that some Chinese steel enterprises having already agreed temporary prices with the big three iron ore mining giants. He added that the principal thing was that the temporary price should meet the industry self-regulation documents published by the CISA and the China Chamber of Commerce of Metals and Minerals and Chemicals Importers and Exporters. Furthermore, he added, if China's iron ore negotiation team reaches a long-term supply agreement with the three mining giants, final settlement prices would have to be based on the agreed price.