China - 2009 July 8

Iron ore price-setting talks between China and foreign suppliers are continuing, Tian Zhiping, vice president of the Hebei Iron & Steel Group said today in a phone interview. “The iron ore price talks are still going on,” Tian said. “The China Iron and Steel Association would inform us immediately if it’s going to sign the agreement. But so far we haven’t heard anything,” said Tian. Earlier today the China Business News cited unidentified sources as saying that China has agreed to a 33 percent cut in prices from suppliers.