It is reported that Japanese steelmakers have just won a 7-percent price cut for coking coal from BHP Billiton Ltd, which is the first price decline for this key steel-making material.
While contract prices of iron ore from BHP and Rio Tinto Group may fall by 11 percent. It means for the 4th quarter, material cost for steelmaking will fall to US$209/ton from US$225/ton.
Iron ore and coking coal prices are falling as China starts to curb property speculation and restrain credit growth sapped building and autos demand.
News Date 9/1/2010 10:40:35 AM reported by Brian Lu
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