Baosteel Group, China’s second-biggest steel mill by output, considers the new quarterly pricing mechanism for iron ore as acceptable, its group chairman said on Tuesday.
China’s imports of iron ore will likely stay flat or rise 1 percent at most for 2010, Xu Lejiang, group chairman, told reporters on the sidelines of its annual academic conference in Shanghai.
“I don’t expect any big changes to iron ore supply and demand for the next quarter, so far I think quarterly iron ore pricing is workable,” Xu said
China’s crude steel output is expected to reach 620 million tonnes this year, he added
Source: Reuters
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