SteelOrbis Shanghai
The China Iron and Steel Association (CISA) has recently written to the Brazilian mining giant Vale to protest against the latter's unilateral attempt to raise its iron ore price and its setting of a deadline for the relevant Chinese buyers to accept its request, thereby ignoring the long-term iron ore supply contracts inked with Chinese steel mills.
The CISA has stated that Vale's breach of agreement has not only gone against the trading rules of the international iron ore price talks, but has also disturbed and impaired the mechanism of the international iron ore price talks. Moreover, Vale's move would cause significant economic losses to Chinese steelmaking enterprises and also hurt the already-established stable trading order and the harmonious cooperation for mutual benefit between the two sides. For this reason, strongly urged by the Chinese steelmakers, the CISA wishes Vale to stop its inadvisable unilateral action, so as to preserve the normal trading order as well as maintain friendly cooperation between Brazil and China.