--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Film in China
War on Poverty
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar
Trade & Foreign Investment

Hot Links
China Development Gateway
Chinese Embassies

Baosteel Agrees on Iron Ore Price Hike

The largest steel maker in China, Baosteel, agreed with two of the world's major iron ore providers on price hikes for 2005, the company said Monday.

On behalf of Chinese steel makers, Shanghai-based Baosteel held negotiations with Hamersley of Australia and Companhia Vale do RioDoce (CVRD) of Brazil last week and agreed to raise ore prices 71.5-percent from those in 2004.

On Feb. 22, Nippon Steel reached an agreement with CVRD on the same price increase, after which Baosteel announced on its website that the price hike is "out of the range that steel industry can sustain, which definitely will bring negative impact to the long-term healthy development of global steel industry."

Analysts said Chinese steel manufacturers should try to gain more leverage by taking the advantage of its share in the purchase of iron ore in the world market.

As a result of the price increase of iron ore, analysts expected that price hike of steel in China is inevitable. Major steel producers have raised their quoted price for the second quarter to ease the unexpected rise in costs.

(Xinhua News Agency March 1, 2005)

Baosteel, Sumitomo in Truck Deal
Baosteel Gets High Credit Rating
Steel Price Rise Won't Hit Consumers
Baosteel Teams up with Brazil on Coal Production
Steel Prices Boost China Baosteel's Profit
Baosteel's Stock Sale Gets Nod
Baosteel Prepares for IPO
CSC Signs Shipping Deal with Baosteel
Baosteel to Issue 5 Billion Shares
BaoSteel Restructures Assets
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688