InfoAnda - China seeks to set ore prices, replace benchmark

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Taiwan sells 10-year govt bonds at 1.46 pct yield | 11 December 2009
Deflation hovers over ECB meeting in Luxembourg | 2 July 2009
Leonard Cohen plays first U.S. concert in 15 years | Entertainment | | 21 February 2009

Guantanamo jury to sentence al Qaeda conspirator | | 19 February 2011

Forum Views () Forum Replies ()

Read more with google mobile : China seeks to set ore prices, replace benchmark

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China seeks to set ore prices, replace benchmark By ELAINE KURTENBACH,AP Business Writer - Saturday, October 17 Send IM Story Print SHANGHAI – China, the world's biggest steel producer, is pushing to replace the benchmark arrangement dominated by foreign miners and steel mills that long has been used to set prices for the iron ore it imports. China sought price cuts from miners of up to 40 percent this year following two years of increases totaling more than 100 percent. It boycotted this year's agreement between major suppliers and Japanese and Korean steel mills on a 33 percent cut, instead buying a large share of its iron ore on the spot market. Having increased its imports of the key material used to make steel, China expects to be in a stronger bargaining position next year as the industry curbs surging production amid a major restructuring, industry officials say. Whether China will succeed in its quest is uncertain. But officials of the government-affiliated China Iron & Steel Association say China will account for more than 60 percent of the global iron ore trade this year. The country's investments in iron ore and coal mining overseas likewise will give it more say, Shan Shanghua, head of the association, told a conference Friday in the eastern city of Qingdao. "China will not blindly follow other countries and regions in determining prices for iron ore," the Web site of financial magazine Caijing cited Shan as saying. CISA earlier had complained that spot market purchases by steel mills had undermined its negotiating position versus the miners and contributed to a glut of supply. Spot market prices surged in the summer but have since fallen sharply. China wants to switch to setting benchmarks by the calendar year rather than timing them, as now, to the April 1-March 31 Japanese fiscal year. Prices should be set on a six-month or one-year basis, and China's iron ore imports should be more strictly controlled, Caijing and other reports cited Shan as saying. "Next year, there obviously will be an oversupply of iron ore, so there should be one price for China," he said. CISA officials contacted by phone refused comment. Traditionally, China has bought iron ore from India on the spot market, while imports from major miners BHP Billiton, Rio Tinto and Vale SA of Brazil were subject to the benchmark. Chinese steel mills began chafing at that system several years ago. The failure to reach a pricing agreement this year led both sides to trade more through the spot market, and prices surged as demand jumped thanks to a construction boom fed by China's 4 trillion yuan ($586 billion) economic stimulus program. In September, imports hit a record 64.5 million tons, rising 65 percent over a year earlier. The government recently announced fresh measures to curb China's annual steel production capacity, which at 660 million tons far surpasses its demand for about 500 million tons. Another 58 million tons of capacity is under construction. Surging steel exports have worsened friction with the United States and other key trading partners, while the glut in supplies of many categories of steel has prompted steel makers to begin slashing prices, sapping their profit margins. "Now that the government is moving to curb steel output, how much iron ore do you expect them to buy?" said Zhu Liming, an industry analyst at Shanghai Securities. "Even if the three top miners want to raise the contract price, I don't think companies will care about it because they will just go to the spot market," he said. ___ Associated Press researcher Ji Chen contributed to this report. Recommend Send IM Story Print Related Articles Tata Consultancy Services net profit up 28.7 pct AP - Saturday, October 17 SandRidge bank group reaffirms borrowing base AP - Saturday, October 17 Spanish language La Frontera ceases publication AP - Saturday, October 17 Brigham Bakken well flows 2,112 boepd, shares rise AP - Saturday, October 17 Nokia reshuffles executive team after poor Q3 AP - Saturday, October 17 News Search Top Stories UN rights council endorses damning Gaza report Strong euro threatens Europe recovery: Eurogroup Bank of America reports 1.0-billion-dollar loss Giants, Saints put their perfect records on the line Pacific islands meet over climate change plan More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Boy found alive at home after helium balloon drama French court denies woman dead husband's sperm Boy in balloon drama found alive: US police Bill Gates pledges 120 million to boost African, Indian farmers Avril Lavigne to divorce: reports More Most Viewed » Oldest hominid skeleton sheds light on human origins Boyzone singer Gately dies in Spain More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Saturday, 17 October 2009
Russia jails two on espionage charges
Google Editions to be up and running next year
UN rights council endorses damning Gaza report
UN rights council endorses damning Gaza report
Strong euro threatens Europe recovery: Eurogroup
Bank of America reports 1.0-billion-dollar loss
Giants, Saints put their perfect records on the line
UK court wants to publish U.S. intelligence on detainee | International |
Germany sees 1.2% output gain in 2010
Pacific islands meet over climate change plan
UN: Most Iraqi refugees in program go to US
Suicide bomber kills 15 in north Iraq mosque
Suicide bomber kills 13 in northern Iraq mosque
Iran cleric warns against planned opposition rally
Honduras leader endures pressure on Zelaya return | International |
Iranian go-slow dims deal chances at Vienna atom talks
Karadzic calls on U.N. to validate immunity agreement | International |
Tokyo freezes $33 bln spending plan
U.S. mulling assessment of Iran threat
House Democrats paring cost of health care bill
Feds cut enforcement powers of Arizona sheriff
NKorea links renewed SKorea aid to family reunions
Maldives: All set for underwater Cabinet meeting
NRC: Up to Congress to stop nuke waste imports
News group asks court to stop NJ exit poll ban
Apple's on a roll, but iPhone sales pivotal | Technology |
Manatee stuck in NJ as temps fall; rescue planned
Lawyer: Suu Kyi optimistic after talks with junta
SKorean accused of leaking military secrets
AP NewsAlert
Strong quake rocks Indonesia
Wash. congressman in hospital with collapsed lung
4 Americans killed in Afghanistan blast
Like feminism? Like wine? There's a club for that
Casey Anthony asking that murder charge be dropped
DC memorial set for Ben's Chili Bowl founder
Aussie PM unmoved by boat refugees' hunger strike
2 Koreas fail to agree on more family reunions
Sheriff In Balloon Boy Case Thinks Hoax Idea Is Unlikely
Mistrial Declared In Corruption Case Against Abramoff Associate
Japan urged to solve global child custody disputes
Hurricane Rick Churns In Pacific, Rains Will Affect Baja California Residents
Billionaire Hedge Fund Founder Arrested For Insider Trading
North Carolina Bracing For Release Of 20 Violent Inmates
South Carolina Teen Fatally Shot At School After Stabbing Resource Officer
Conservationists Decry Exclusion Of Arctic Seal From Endangered List
Study: Race And Ethnicity Plays A Role In Hiring Practices, Employee Turnover
Investigation Into Arizona Sweat Lodge Deaths Now Homicide Inquiry
Final Lap Of Virginia Gubernatorial Race Has GOP Flush With Cash
China denies involvement with Guinea resource deal
India's TCS announces 29 pct quarterly profit jump
Tata Consultancy Services net profit up 28.7 pct
China seeks to set ore prices, replace benchmark
Japan watchdog recommends action against BNP Paribas
Nicolas Cage sues ex-manager for financial ruin | Entertainment |
Pakistani stocks, rupee end weaker after bomb
God channeled ideas for concert to Jackson: report
Cable network TLC sues reality star Jon Gosselin | Entertainment |
Dracula revived by Bram Stoker descendant
Kevin Bacon loves the stage -- and not just for acting | Entertainment |
Sri Lankan migrants stage Indonesia hunger strike
S.Korean FX control review spooks foreign investors
Strong quake off Indonesia's Java
Celebrities need authenticity to rule on Twitter | Entertainment |
Samsung Electronics plans $2.2B LCD plant in China
Cyprus tourist arrivals plunge
China's Andersen theme park may open next year: partner
Director and actress prevented from leaving Iran: reports
China seeks to set ore price, replace benchmark
Avon calls on singer Fergie for new fragrance | Entertainment |
TLC network is suing its star Jon Gosselin
Record China sales boost Volkswagen
God channeled ideas for concert to Jackson: report | Entertainment |
Anheuser-Busch sponsors SNL to launch new brew
Puppy love: Gere waxes about dog movie
'Survivor' star Hatch ends federal tax sentence
Iraqi, South Korean films take top prize at Pusan
U.S. to call for pressure, incentives for Sudan
Taxman probes British lawmakers over expenses
Apple's on a roll, but iPhone sales pivotal
Pakistan army starts S.Waziristan ground assault | International |
Police convinced 'balloon boy' family telling truth
US budget deficit hits record 1.4 trillion dlrs: govt
U.S. brigade won't go to Iraq, speeding withdrawal
Fire at India firecracker warehouse kills 32 | International |
Economic crisis requires swift action on hunger: FAO chief
EU ready for new partnership talks with Moldova
Rajasa has economic post in next Indonesia cabinet | International |
Apple lets iPhone apps get down to business
Jackson "This Is It" album to sell at iTunes
Suicide bomber kills 15 at mosque in northern Iraq
First Microsoft store looks set to open
UN: Most Iraqi refugees in program go to US
White House criticism of Fox increasing ratings: Murdoch
Honduras post-coup crisis talks in trouble | International |
China reports second swine flu death
First Microsoft store looks set to open | Technology |
Australia seeks Indonesia asylum-seekers deal
McCain presses Obama to pardon black boxer
U.S. permits visit by North Korean official
Aussie NRL players off to Rwanda for charity work
New plan for con man who lost Mont. jail deal
Investigators find flaws in Army body armor tests
Tsurumi stunned by gymnastics bronze triumph
US military backs away from ban on photos of dead
3 new convictions give Mass. man a total of 72
Church Universal and Triumphant leader dies
Japan F1 rookie Kobayashi confident of Brazil chances
Cruelty charges dropped against Michigan soldier
Abdullah would bring new style in Afghanistan
Serbs prepare talks on shared Bosnian government
Pakistan sets its sights on Taliban sanctuary
China's Hu Jintao made 'honorary Peruvian'
World Wrestling's Shane McMahon resigns
China close to acquiring stake in Ghana oil: source
Turkmenistan may forbid resale of its gas
Nicolas Cage sues ex-manager for financial ruin | Entertainment |
World Wrestling's Shane McMahon resigns
Sotheby's and Christie's auctions within estimates | Entertainment |
Sotheby's and Christie's auctions within estimates
World Wrestling's Shane McMahon resigns | Entertainment |
Celebrities need authenticity to rule on Twitter
Cable network TLC sues reality star Jon Gosselin
Nicolas Cage sues ex-manager for "financial ruin"
Kevin Bacon loves the stage -- and not just for acting
'Survivor' star Hatch ends federal tax sentence
Judge extends probation for Lindsay Lohan
Birkhead says he saw Anna Nicole Smith take drugs
Print by Japan's Toshusai Sharaku sold for record price
Masked gunmen kill Darfur police at U.N. compound
Maldives sends climate SOS with undersea cabinet | International |
Israel's Netanyahu vows long fight against U.N. report | International |
Bomb kills four Iraqi soldiers near Falluja
Tribesmen kill 16 Kenyan soldiers -South Sudan army
Wrangling, horse-trading over Afghan vote result
Bomb kills four Iraqi soldiers, bridge blown up | International |
Masked gunmen kill Darfur police at U.N. compound | International |
Thai red shirts push for royal pardon for Thaksin | International |
Afghanistan braces for possible election run-off | International |
Indonesia's key reformers set to stay in cabinet | International |
West Africa's ECOWAS imposes arms embargo on Guinea | International |
Indonesia's key reformers set to stay in next cabinet
Pakistan targets Taliban in major ground operation
Maldives cabinet flags climate crisis at undersea meet
Obama chastises "dishonest" health insurers
Pakistan army starts S.Waziristan ground assault
Britain to appeal court order on US intelligence
'Illegal Alien' Halloween costume sparks ire
US will seek to engage Sudan: report
Clarke to captain Australia Twenty20 team
Artist admits using other photo for 'Hope' poster
Pakistan moves troops to Taliban bastions: officials
Neighbors thought dead man was Halloween display
Aussie girl to leave on round-world yachting trip
Taiwan's military probes missile test failure: report
Minnesota man suspected of encouraging suicides
Ex-Army master sergeant pleads guilty to bribery
Thai princess says king's condition improving
Two frozen tigers seized in Vietnam: newspapers
Affidavit unsealed for teen accused in school plot
JAL seeks tie-up with low-cost carriers: report
China to launch Nasdaq-style board on Oct 23: media
Pakistani c.bank buys 107 bln rupees of govt paper
Storm-wracked Philippines raises $1 bln in bonds
Expected rugby World Cup loss balloons: report
Fans line Dublin streets for Boyzone Gately's funeral | Entertainment |
Michael Jackson's ex-wife seeking $500K in lawsuit
O'Brien, NJ mayor turn facetious feud into comedy
Editors open new chapter with 3rd album
NYC pop culture show draws TV and sports celebs
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01