Rio Tinto seek­ing iron ore pre­mium

China Daily (Hong Kong) - - BUSINESS -

Rio Tinto Ltd said it is seek­ing a new pric­ing mech­a­nism for its iron ore with Chi­nese cus­tomers, which is jus­ti­fied given the dra­matic lift in cok­ing coal prices. CEO Jean-Se­bas­tian Jac­ques said his group was cur­rently in talks with steel­mak­ers Baos­teel Group and Shougang Group over a new pric­ing ar­range­ment for its Aus­tralian ore, how­ever the key cus­tomers had not yet agreed to the terms. Speak­ing via video link from Sin­ga­pore, to a Chi­nese me­dia del­e­ga­tion vis­it­ing Rio’s iron ore oper­a­tions cen­ter in Perth, Jac­ques de­fended the com­pany’s po­si­tion as steel­mak­ers man­aged the bur­den of higher cok­ing coal prices “very care­fully.”

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