Iron Investing News » China announced rejection of Iron Ore deal, benchmark in doubt

China announced rejection of Iron Ore deal, benchmark in doubt

May 27, 2009 @ 3:27 am In Iron Market News

China rejected on Wednesday a 33 percent cut in iron ore prices agreed a day ago by Japanese steelmakers, while No.4 international mill POSCO prepared to accept the deal, highlighting the growing schism that has emerged in a single benchmark system.

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[1] here: http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSSEO27612420090527