Baosteel on ore prices

07:38, March 26, 2010      

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Iron ore supplies are tight and the existing term pricing system for iron ore is not suitable for either the steelmaking or iron ore businesses, the chairman of China's Baosteel said Thursday.

"The term pricing system of the past 40 years is not very suitable for the development of steel and iron ore," Xu Lejiang said in a speech at an industry conference.

"Adjustments would be reasonable," said Xu.

Source: Global Times

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