CISA refuses 19 percent iron ore price increase

SteelOrbis Shanghai A chief officer of China Iron & Steel Association (CISA )clearly expressed on May 31 that China would not accept the 19 percent iron ore price hike proposed by CVRD. The officer has also disclosed that Baosteel would initiate a new round of negotiation with BHP Billiton and Rio Tinto in order to set “Prices for China”. On May 29, CISA held an emergency conference with leading domestic mills regarding the increase in iron ore prices. Most steel mills expressed their dissatisfaction with CVRD's tough negotiation and implied that they would support CISA's attempt.