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Xu Guangjian, an analyst with United Metals, said that few factories in China have signed contracts with the three major mines on quarterly contracts, mostly verbal commitments, so now it is very likely that steel mills will reduce quarterly contract purchases and instead purchase from the spot market.
Yesterday, in China's major ports, the spot price of iron ore of 63.5% grade was 1,100 yuan/ton, which is about $1,700/ton lower than the price of iron ore price proposed by the three major mines in the third quarter, which is about $10 per ton.
Ai Boonian said that customers see long-term agreements as one-way alternatives, but Rio Tinto believes that from a business perspective, this is unacceptable. It is understood that Rio Tinto currently sells about 50% of its iron ore on a quarterly basis.
Rio Tinto swears to abandon the ore quarterly contract
Yesterday, Rio Tinto executives, one of the three major mines, stressed that if the spot price is lower than the quarterly price and the mills demand to ship at a lower spot price, this may mark the end of quarterly pricing.