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Chinese market accuses iron ore miners of cutting supply [UPDATE]

April 16, 2010 - 08:43 GMT Location: Shanghai & Brisbane

KEYWORDS: Vale , Rio Tinto , BHP Billiton , iron ore , China , Australia

Vale, Rio Tinto, BHP Billiton have cut iron ore supply to China in retaliation to a boycott called by China Iron & Steel Assn (Cisa), Chinese traders and steel mills told MB.

Vale, Rio Tinto, BHP Billiton have cut iron ore supply to China in retaliation to a boycott called by China Iron & Steel Assn (Cisa), Chinese traders and steel mills told MB. "It is the reduced shipment of iron ore from the Big Three rather than China's ban over low-grade iron ore imports that pushed up spot prices," said a source at steel mill in eastern China. Cisa has called on Chinese steel mills to boycott iron ore imports from BHP, Vale and Rio Tinto for two months from April to protest their monopoly (MB April 5). In retaliation, all three miners are cutting supply to the Chinese market mainly for high-grade fines, market sources told MB. There are currently 50-60 iron ore vessels in Beilun port at any one time, down sharply from...

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