The CEO of Rio Tinto, Sam Walsh predicted that iron ore demand will keep a strong growth in 2011, and its current quarterly pricing system is working efficiently. He said that the company now is trying to refine quarter pricing system with major steelmakers together. Rio Tinto has decided to spend US$3.1 billion in its [...]

Although steel price surged sharply in China market due to rise of raw material costs, local steel producers would rather adjust their prices on actual demands than hike the prices recklessly. The current market remained moderate and most buyers were waiting for new quotations of major steelmakers. Accordingly, steel price is expected to keep fluctuating [...]

Indian iron ore price kept rising by US$2~4/ton to US$154~156/ton to China in spot market. China’s steelmakers are expected to raise their price for September to offset increase in raw material cost, China’s major steelmaker, Baosteel, will announce its new price next week.

China’s top three steelmakers, Baosteel, WISCO, and Ansteel, are expected to raise their prices for September delivery by at least RMB300/ton in response to demand recovery and iron ore price increase in the third quarter. Reportedly, steel price has rebounded by RMB300/ton in spot market since middle July. The current iron ore price has surged [...]