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China’s troubled steelmakers spar with suppliers

Posted on 27 October 2008

From Forbes: The sparring between China’s suddenly troubled steelmakers and their suppliers has gone another round. Cia. Vale do Rio Doce, the Brazilian iron ore producer that is the world’s biggest, has threatened to withhold supplies if China’s big steelmakers don’t pony up a 12% premium on their annual contract price, which was already 71% higher than 2007’s.

The Chinese companies seem to have backslid on a mid-year agreement to pay the premium after their Australian suppliers, such as BHP Billiton, Rio Tinto and Fortescue Metals, had also hiked prices…. Full Article: Source


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