Iron ore talks closing to the end

SteelOrbis Shanghai Chinese sources reported that international iron ore price negotiations for long-term contracts have almost reached to a conclusion with 10 percent increase. Seventy representatives from Chinese steel mills had a meeting at Shandong based Laiwu Steel with officials from China Iron and Steel Association (CISA) and other governmental authorities on April 7. One meeting participant disclosed that all steelmakers, except Baosteel, have agreed on accepting a 10 percent price increase. According to the source, the global iron ore miners also agree on a 10 percent price increase. The two parties are expected to reach a formal agreement on the above mentioned level soon.