The world's biggest miners were last night locked in tense talks with Chinese steelmakers over a new iron ore supply deal, with Rio Tinto threatening to sell the ore into spot markets should no agreement be struck today.
Spot iron ore prices yesterday rose to their highest in four months, above the annual benchmark level at which deals have been struck with big steelmakers elsewhere in Asia. The increase in prices added a fresh complication to the fraught negotiations.
The three mining companies – Vale of Brazil, Rio Tinto and BHP Billiton – have agreed to cut annual benchmark ore prices by 28-33 per cent for deliveries to steelmakers in Japan, South Korea, Taiwan and Europe from April this year.
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