Tuesday, October 12,
POSCO , the world’s No. 3 steelmaker, had agreed to lower contract prices for Iron ore by 10 to 13% in the fourth quarter from the previous quarter, the company said on Tuesday.
The South Korean steel mill also said it had agreed to cut hard coking coal prices by 7 percent for the fourth quarter.
But it forecasts that spot prices of Iron ore and coking coal would trade higher in the first quarter of 2011 due to tighter supplies, as the steel market is expected to rebound, led by China and India.
Source: Reuters
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