| Author (Person) | Blas, Javier, Smith, Peter |
|---|---|
| Series Title | Financial Times |
| Series Details | 31.3.10 |
| Publication Date | 31/03/2010 |
| Content Type | News |
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Article reports that global steel prices are set to rise by up to a third, pushing up the cost of everyday goods from cars to domestic appliances, after miners and steelmakers agreed on the 30 March 2010 a ground-breaking change in the iron ore price system. The deal by Vale of Brazil and Anglo-Australian BHP Billiton with Japanese and Chinese mills marks the end of the 40-year-old benchmark system of annual contracts and lengthy price negotiations. The industry instead agreed to move to quarterly contracts linked to the nascent iron ore spot market. The European steel and auto industries accused mining groups of unfair pricing practices following the introduction of the new system. Eurofer, which represents European steelmakers, has complained to the European Commission, saying there were 'strong indications of illicit co-ordination of price increases and pricing models and pressure on individual steel producers to accept these changes'. |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
