China Steel Group Urges Domestic Pricing in Iron Ore Contracts
Train carriages wait to unload iron ore at Rio Tinto Group's port facility in Karratha, Western Australia.
Photographer: Carla Gottgens/BloombergChina’s top steel industry group has urged the state-backed iron ore trader, China Mineral Resources Group Co., to push for using domestic price benchmarks in supply talks with major miners including BHP Group and Rio Tinto Group.
A newly launched port-side spot price index should become a core pricing reference for the market, the China Iron and Steel Association said in a statement on its website on Saturday. It added CMRG should seek to use the gauge in long-term contract negotiations with major mining firms.