Japanese major steel makers including Nippon Steel and JFE Steel had the first iron ore price negotiation with Brazilian and Australian miners for fiscal 2007 shipment starting April 2007 last week. The miners urged price hike, according Japanese source. The steels rejected the hike and sought reconsidering though the miners were said not to submit concrete offers.
They failed to reach settlement when world iron ore supply keeps tight under aggressive output increase by China. The miners and steels are expected to talk again after January 9.| M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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