China Assoc: Hope Iron Ore Talks Reach 'Reasonable Solution'
July 30 2009 - 11:02PM
Dow Jones News
China, the world's biggest iron ore importer, hopes annual iron
ore talks will reach a "reasonable solution," said Luo Bingsheng,
vice chairman of the China Iron and Steel Association Friday.
"We hope to get a win-win solution at this year's (iron ore)
talks," Luo told reporters at the association's quarterly press
briefing.
China's iron ore imports should be settled at one unified price,
Luo said, adding that he expects this unified price to be reached
via the annual negotiations.
China should develop more local iron ore mines to meet its
rising demand, Luo said, noting that the country will need both
foreign and domestic iron ore to supply its fast-growing steel
industry.
The association is leading China in the price talks with Rio
Tinto PLC (RTP), BHP Billiton Ltd. (BHP) and Brazilian miner Vale
SA (VALE), which have broken down amid the espionage and bribery
charges.
-By Chuin-Wei Yap, Dow Jones Newswires; 8610 6588 5848;
chuin-wei.yap@dowjones.com