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Some mills already agree iron ore price cut, Chinese sources say

September 02, 2010 - 07:04 GMT Location: Shanghai

KEYWORDS: China , iron ore , Q4 , price , Rio

Rio Tinto has agreed Q4 iron ore contracts with at least one Chinese steelmaker at $127 per tonne fob, industry sources in China claimed.

The miner has agreed to sell Pilbara blend fines at $127 per tonne fob to a steelmaker in eastern China, a source close to the mill said. Rio Tinto declined to comment, although Sam Walsh, head of Rio Tinto Iron Ore, told media in Australia that the company expected to set the price at $127 per tonne. That settlement would...

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