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China says no to the 10% iron ore price hike
www.chinanews.cn 2006-04-19 16:46:33
Chinanews, Apr.19 - According to convention, the 2006 iron ore trade
agreement between China and foreign nations should have been reached by
April 1st. However, after four rounds of seesaw negotiations, neither the
purchaser nor the seller would compromise in mid April.
"We will never accept the 10% price hike," reiterated China Iron & Steel
Association secretary-general Luo Bingsheng on the 17th.
Amongst the price bottom lines put forward by world's three largest iron
ore suppliers, the 10% price hike suggested by the Australian supplier is
the lowest but still hard to accept for Chinese companies. After all this
is another disaster after the price surge last year. Moreover, Companhia
Vale do Rio Doce (CVRD) brought forward a more unreasonable price growth
of as high as 24%, which is more unacceptable for China. Without reaching
agreements with any importer, the CVRD spokesperson boldly announced on
March 29 the 24% iron ore price hike for the year 2006.
Hence this year's price negotiation is a life-or-death battle. Last year,
iron ore price skyrocketed 75% and caused Chinese steel producers serious
losses of 5.7 billion US dollars. As a result, China should do something
to stop the suppliers from raising the price at will. Consequently, the
seesaw battle between the two sides will continue, but Chinese
enterprises are determined to stick it out.
Since China has become the world's largest iron ore importer, importers
from Europe, Japan and the US all wish China to withstand the pressure
during the negotiations with those three largest iron ore exporters.
Shouldering the responsibility of the biggest importer, China must stand
firm this time.
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