Domestic media reported that Chinese mills have received Rio’s offer for Q3 iron ore contract price at US$147/t (FOB). Meanwhile, it is reported Vale raised Q3 contract price to US$145/t for Chinese mills. As Q3 contract price is based on Mar-May average spot price that was up about $40/t, the pricing formula seems to work and Chinese mills will likely have to agree.
Rio tenders Q3 iron ore contract price at US$147/t
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