CRIENGLISH

China's top negotiators in the bitter and protracted row over the price of iron ore seem destined never to agree.

Australia Approves Baosteel Investment of Local Ore Explorer
Australia's Foreign Investment Review Board (FIRB) on Friday approved the acquisition by China's largest steel maker of up to 19.99 percent of coal miner and iron ore explorer Aquila Resources.

Next Year's Iron Ore Talks in Jeopardy
Next year's negotiations over iron ore prices now look in jeopardy after Rio Tinto finally ended this year's talks with Chinese steel mills without agreement just two months before the 2010 round was due to begin.

China Steel Prices Plunge after July Rises
China's steel prices went through a crazy rise and fall within 20 days, with the biggest fall at 20 percent, according to figures from the country's leading industry information provider.

Quotes

• "If China gives up on the negotiations and turns to the spot market, the profits of steel mills may fall."
- Yan Song, a steel industry investment manager at Hao Capital

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Background

The annual iron ore price talks began in 1981. Since then, suppliers and steel makers have negotiated to nail down prices for the annual supply deal.

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Buyers

China Iron and Steel Association
Founded in 1999, China Iron & Steel Association (CISA) was renamed from China Metallurgical Enterprises Management Association. CISA currently has 209 collective members, 10 individual members, 109 executive members, and 69 standing executive members.

Baosteel
Baosteel Group Corporation ("Baosteel"), founded in 1978, is the most competitive steelmaker in China.

Other Well-known Steel Company
Anshan Iron and Steel Group Corporation (Angang), Wuhan Iron and Steel (Group) Corp, Beijing Shougang Group, etc.

Latest

• Australia-China Iron Ore Mine Given Green Light 2009-09-09

• Next Year's Iron Ore Talks in Jeopardy 2009-09-09

• Baosteel Buys 15 Pct Stake in Iron Ore Company Aquila 2009-08-28

• China Steel Prices Plunge after July Rises 2009-08-22

• Rio Tinto Chief Pledges Closer Relationship with China 2009-08-21

• Arrested Rio Workers Appear Well: Attorneys 2009-08-20

• China Should Have a Say in Global Iron Ore Trade: Official 2009-08-13

• Probe into Rio Case Expanding 2009-08-13

• Rio Tinto Arrests An "Isolated" Case: Chinese Official 2009-08-12

• Crude, Iron Ore Imports up in July 2009-08-12

• Arrest of Rio Tinto Employees Approved 2009-08-12

• Steel Makers Striving for Unified Price 2009-08-01

• Iron Ore Price Negotiation Still Underway: CISA 2009-07-31

• China Takes Tough Stand on Iron Ore Pricing Talks 2009-07-24

• China Imports Less Iron Ore from Rio Tinto 2009-07-21

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Sellers

BHP Billiton
Broken Hill Proprietary Billiton Ltd. (BHP Billiton), the world's largest diversified resources company, was founded in 1885 and is headquartered in Melbourne, Australia.

Rio Tinto
Rio Tinto is one of the world's leading mining group, combining Rio Tinto plc, a London listed public company headquartered in the UK, and Rio Tinto Limited, which is listed on the Australian Stock Exchange, with executive offices in Melbourne.

CVRD
Founded in 1942 and headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio Doce (CVRD), is the world's largest iron ore producer.

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