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16 major steel companies object to price hike for iron ore
www.chinanews.cn 2006-05-23 15:57:03
Chinanews, May 23 - China Iron and Steel Association (CISA) announced on
May 21 that it convened a meeting for the Iron Ore Import Working
Committee two days earlier and had called on the senior management of 16
major steel enterprises in China to gather in Beijing to attend the
meeting. Eventually the 16 major steel enterprises unanimously agreed
that they would resolutely object to enterprises which adopt measures in
contradiction to the rules of negotiation and apply pressure on Chinese
steel enterprises, and that they would not accept iron ore prices that
are fixed without any regards to the situation in the Chinese market.
It was learned that starting from May 15, Brazil-based Companhia Vale do
Rio Doce (CVRD), a representative of the suppliers in the global iron ore
negotiations, declared on several occasions that it had reached an
agreement with a few enterprises in Germany, Italy and Japan to raise
iron ore prices by 19% in 2006. On May 19, CISA held a meeting with the
senior management of 16 major steel enterprises to look into the import
of iron ore in 2006. The senior management of China's largest steel
enterprises such as Shanghai Baosteel Group Corporation, Wuhan Iron and
Steel (Group) Corp and Tangshan Iron and Steel (Group) Co. Ltd attended
the meeting.
CISA released a declaration on this conference on May 21, saying that to
date no Chinese or Japanese steel enterprises have expressed their stand
on the agreement reached by CVRD for a 19% price hike, which means that
the Asian market's iron ore price has not been fixed yet. The
negotiations for the 2006 iron ore price is still continuing, and Chinese
steel enterprises would not accept iron ore prices that are fixed without
any regards to the situation in the Chinese market.
CISA revealed that the 16 major enterprises have agreed that negotiations
for iron ore prices must take into account the long-term interests and
benefits of both suppliers and purchasers and pursue a win-win situation.
The fixing of the iron ore prices in 2006 should not only take into
account the European market but also the Asian market, particularly
China. In 2005, Chinese steel enterprises imported 275 million tons of
iron ore, accounting for about 43% of the world's total trading volume of
iron ore that is transported by sea.
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