China's Iron Ore Purchase Talks Won't End by June 30, CCTV Says
June 22 (Bloomberg) -- Chinese steelmakers are unlikely to meet a June 30 deadline for concluding their price talks with suppliers on 2009 iron ore, state-run China Central Television said today citing unidentified industry officials.
China "will stick to its principles and show patience in the negotiations," an unidentified official of the China Iron & Steel Association said today on the CCTV telecast.
Chinese steel mills, which bought $60.5 billion of iron ore in 2008, want producers including Vale do Rio Doce, BHP Billiton Ltd. and Rio Tinto Group to cut this year's contract prices by up to 50 percent to reflect falling steel demand as the economy slows.
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