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China steel group sees iron ore deal by end-June
Mon 2 Jun 2008
The looming June 30 deadline has increased the pressure on China's steel makers.
"This has never really ever happened before, but the prices also have never been this high before and the Aussies have never before demanded this much," said iron ore mining analyst James Wilson of DJ Carmichael & Co in Perth, Australia.
He added, however, that there were limits on the bargaining power of the two Australian mining firms, the world's second- and third-largest iron ore producers.
"After June 30, sure the producers have the option to sell into spot, but would you do that when you are exporting 300 million tonnes?
"You can't just dump 300 million tonnes of Aussie ore into the spot market."
China is also seeking to bolster its direct access to iron ore supplies, investing in mining projects and companies both at home and abroad.
