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 February 23, 2005
Baosteel's View on the Iron Ore Fine Price for 2005 Reached by CVRD and Nippon Steel
On February 22nd, CVRD has reached agreement with Nippon Steel that the iron ore fine price of Carajias from North System and Itabira from South System of CVRD will increase by 71.5%.
Baosteel believes that this price increase is out of the range that steel industry can sustain, which definitely will bring negative impact to the long-term healthy development of global steel industry, upstream and downstream industries of steel companies. Baosteel will continue price negotiation with each major supplier, and seek for a price that is acceptable for both parties. At the same time, we sincerely hope that each iron ore supplier shall have a long-term view and try not to damage the long term strategic and friendly relationship established between steel and iron ore industries. |
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