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Chinese authority interrogates iron ore pricing of foreign suppliers, including BHP

iconSep 4, 2014 10:34
Source:SMM
According to the National Development Reform Commission main suppliers of iron ore, mainly BHP Bilton should not misapply their controlling market footing.

 Author: Paul Ploumis03 Sep 2014 Last updated at 08:31:00 GMT

 BEIJING (Scarp Monster): According to the National Development Reform Commission main suppliers of iron ore, mainly BHP Bilton should not misapply their controlling market footing.
 
The China based president of BHP Billton, Chai Tan meet up with Li Zhongjuan, the deputy director of the Department of Industry, to inform the National Development Reform Commission about BHP’s  results and expanding announcement.
 
During the briefing, Ms Li stated that, the present pricing arrangement lacked openness and was highly concentrated on sample sizes. She also stated that, further exertions should be made in order to seek new pricing system.
 
 To the statements made by NDRC, BHP replied strongly that the company had already worked with their investors and customers to unfold convertible and transparent market for iron ore.
 
In an email, a BHP spokeswoman stated that, the contemporary price of iron ore showed that, the price was highly responding to the changes in the market; supply and demand, which was the most possible transparent way for the market to work.
 
An analyst at the XiBen New Line; a steel products trading platform, Qiu Yuecheng stated that, the comments from NDRC showed that, the commission was safeguarding the interests of Chinese steel producers.  
 
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