After an informal meeting last week at a conference in the Chinese city of Quingdao, traders and bankers said a cut of 10 to 20 per cent was a likely outcome of the formal negotiations, due to begin in November, for annual contracts.
However, these people warned that chaotic global economic conditions made any forecast highly tentative.
After this year's record 85 per cent jump in iron ore prices, a price reduction would damp the cost of cars, machinery and construction materials, contributing to lower inflationary pressures just as central banks slash rates.
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