Kobe Steel makes some progress in iron ore talks

Japan's fourth-largest steelmaker Kobe Steel Ltd. said on Friday it has made some progress in price negotiations with Australian and Brazilian iron ore miners. Kobe Steel indicated that Japanese steelmakers and iron ore miners may agree on the 2006 prices before Chinese steel producers. Kobe Steel President Yasuo Inubushi said “We are not taking into account of Chinese negotiations in our own discussions. Their hawkish stance is a help, but will not have a direct impact on us.”