And ore

18 December 2020 By Jeffrey Goldfarb Follow @jgfarb

Chinese state buyers are griping about how the steel ingredient is priced as officials Down Under debate an export tax. Beijing already has targeted wine and other imports. The idea that miners BHP and Rio might get dragged into the spat can no longer be discounted.

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The China Iron & Steel Association said on Dec. 16 that Australian miner Rio Tinto was willing to work with buyers to review the pricing mechanism for the steelmaking ingredient.

The trade group had previously called on Chinese regulators to investigate a spike in prices on the Dalian Commodity Exchange.

In a video call with Rio Tinto, CISA Vice Chairman Luo Tiejun said he had learned that Rio had made continuous "high-price" transactions recently, according to a statement from the association. The company said it is continuously working with customers, suppliers and industry stakeholders “to ensure major markets, including iron ore, are open, liquid and transparent."

Dalian iron ore prices, which largely follow spot transactions, traded up 2.9% on Dec. 16 at 1,008 yuan ($154) a tonne, their highest-ever closing price.

Context News

The China Iron & Steel Association said on Dec. 16 that Australian miner Rio Tinto was willing to work with buyers to review the pricing mechanism for the steelmaking ingredient.

The trade group had previously called on Chinese regulators to investigate a spike in prices on the Dalian Commodity Exchange.

Dalian iron ore prices, which largely follow spot transactions, traded up 2.9% on Dec. 16 at 1,008 yuan ($154) a tonne, their highest-ever closing price.

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