Rio Tinto: Will Do Its Best to Meet China's Demand for Iron Ore in Terms of Quality and Quantity

SHANGHAI, Feb 16 - Luo Tiejun, vice president of China Iron and Steel Association, held a video conference with Simon Farry, vice president of Rio Tinto Iron Ore Marketing Department, on February14. The two parties talked about the operation of China's steel industry, Rio Tinto's production and sales, and recent iron ore market. Luo Tiejun introduced the operation of China's iron and steel industry. He pointed out that the sharp fluctuation of iron ore prices is not conducive to the development of the industrial chain and the long-term interests of all parties. He hoped that Rio Tinto would continue to attach great importance to the demands of Chinese steel enterprises, to ensure the fulfillment of long-term contracts, and to play an active role to work with the steel industry to maintain a healthy and stable market order. Rio Tinto said that it agreed with Luo that the price of iron ore should be determined by actual supply and demand. It will continue to carry out spot transactions to ensure open and transparent price, and will do its best to meet China's demand for its iron ore quality and quantity.