MOC to support steel mills in iron ore talks

The China Securities Journal reported that China抯 Ministry of Commerce (MOC) will take moves to support Chinese steel mills in the iron ore talk with foreign producers including adopting necessary trade measures. MOC spokesman Yao Jian said that according to the international practice of the commodity trade, the major buyer should have a say in the pricing mechanism. China, as the largest consumer of iron ore, is entitled to have its interests reflected in the price talks. The price rise demanded by the major ore suppliers, namely BHP Billiton, Rio Tinto and Vale, has soared from 20-30% to 80- 90% since the negotiation began, forcing Chinese steelmakers to appeal for government support.Nike