Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
Rio Tinto/ Fortescue Reportedly Change Iron Ore Pricing Benchmark for CN
Recommend 1 Positive 0 Negative 2 |
||||
|
||||
|
Two of the world's largest iron ore producers, Rio Tinto Group and Fortescue, have changed the index used for pricing iron ore for China, the world's largest iron ore consumer, Bloomberg quoted insiders as saying. Prior to this rare change, China's state-owned buyer, China Mineral Resources Group Co., Ltd. (CMRG), had publicly criticized the current pricing mechanism. Rio Tinto Group will switch to an alternative iron ore index published by Fastmarkets Ltd. for cargoes loaded for China in January and February 2026. Insiders stated that this change is a trial for the last two months of Rio Tinto's long-term contracts with steel mills. CMRG once requested Rio Tinto to use a newly launched domestic iron ore index in Beijing, but Rio Tinto refused, with the Fastmarkets index seen as a compromise, one of the people said. Fortescue will adopt tan average of China's Mysteel and the Argus Iron Ore Index, insiders added. This trial plan will continue until the remaining term of its long-term contracts with Chinese steel mills concludes. AASTOCKS Financial News Website: www.aastocks.com |
||||
Copied to Clipboard
 |
||||
