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Tough negotiations with ore giants to continue after FMG deal-Special
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17:00, August 19, 2009

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Tough negotiations with ore giants to continue after FMG deal
Umetal.com analyst Hu Kai believes that because FMG's iron ore is of a lower grade than that of the three iron ore giants and its volume of iron ore is not large enough, at present FMG's iron ore is still unable to completely replace that of Rio Tinto and BHP Billiton and it is also not possible that the three iron ore giants will accept the “China price” agreed by FMG and China.
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China seeks a new iron ore negotiation mechanism
whether a result acceptable to both sides can be achieved still depends on the outcome of the game. The agreement between FMG and China also indicated that the future iron ore negotiation mechanism will be subtly changed. This will play a positive role in the transformation of both iron ore negotiations and the iron ore pricing mechanism.
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CISA: first iron ore "China price" is win-win
Most importantly, this price indicates a significant step forward in exploring the establishment of a "China model" for negotiations of imported iron ore prices.
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MOFCOM positive about new iron ore pricing model
The iron ore price negotiation between China Iron and Steel Association (CISA) and Anglo-Australian Fortescue Metals Group Ltd. (FMG) proved a new pricing model of iron ore, and China appreciated the two sides' innovation, said Yao Jian, spokesman of the Ministry of Commerce (MOFCOM), on August 17.
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