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Tuesday April 05, 10:36
BHP faces pressure from China’s steelmakers amid higher ore prices
(by Roy Deng)
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Australian company BHP Billiton faces harsh criticism from major Chinese steelmakers on its plan to raise prices.
Chinese steel companies, including such steel giants as Shanghai Boasteel and Wuhansteel, say the incrise in prises planned by BHP will damage Chinese economy and exert impact on its long-term relations with the leading countries.
The iron ore prices were discussed during talks in Beijing between Bo Xilai, the Chinese minister for commerce, and Mark Vaile, minister of trade for Australia.
Chinese steelmakers are asked by BHP to pay about 20% more for its iron ore than it was agreed to pay by its main rivals, Rio Tinto and Cia. Vale do Rio Doce.
In case China accepts the demand from BHP, Chinese steel making companies would pay as much as $60 a ton as BHP demands $7.50 to $10 a metric ton extra.
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