Chinese Morning Post reported that global iron ore suppliers are trying to impose pressure on Chinese steelmakers and the China Iron & Steel Association by spoofing, namely, spreading rumors.

The report said that “Lately, there were foreign media reports saying that five major Chinese metallurgical companies had reached a temporary iron ore supply price with Vale, Rio Tinto and BHP Billiton, rising 35% from USD 62 per tonne of last year to USD 84 per tonne.”

It added that “Reporters find out that Chinese steelmakers are still negotiating with the three iron ore giants and their negotiation has generated no result. The CISA, responsible for coordinating the talks, has made no related comments.”

The report also cited Mr Xu Xiangchun of mysteel.com as pointing out that former long-term supply prices reached by Chinese steelmakers with global iron ore suppliers are all FOB prices, instead of CIF prices as reported by foreign media this time.

(Sourced from morningpost.com.cn)