Friday, 24 Jun 2011
Reuters reported that world's No 2 iron ore miner Rio Tinto Ltd will drop its prices by up to 3% for Chinese steel mills for the third quarter.
Rio has asked some Chinese steel mills to pay USD 2.7234 per dry metric tonne unit for iron ore fines and USD 3.0109 per dmtu for lump ore for the July to September period.
Those compare with Rio's second quarter price of USD 2.7638 for fines and USD 3.1063 for lumps.
The price puts Rio's 62% Pilbara Blend fines at USD 168.85 per tonne, compared with USD 171.35 in the second quarter.
The modest price cut is in line with a decline in spot prices.
Global miners have been using spot values as the basis for setting contract rates since the industry moved to a more flexible quarterly system after scrapping a decades old annual pricing scheme. (sourced from Reuters)
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