Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Venezuelan miner signs unique iron ore contract with China

Venezuelan miner signs unique iron ore contract with China

Beijing: China's third-biggest steelmaker Wuhan Iron & Steel Group (Wisco) has signed a long-term iron ore contract with Venezuela's state-run company Corporación Venezolana de Guayana (CVG).
The agreement will help the mill to diversify its raw material sources and get it cheaper thanks to a different mechanism than the benchmark prices set yearly by global steel companies and the world's top three iron ore suppliers Anglo-Australian BHP Billiton, Río Tinto, and Brazil's Vale do Rio Doce.?"This is the first contract to be implemented with a separate pricing mechanism (from usual yearly agreements). This indicates that China's iron ore purchase prices need not be restricted by the world's top three suppliers," said the company through a statement posted on its website.  [18/11/09]

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish