China steelmakers, miners agree iron ore price cut

Tue Apr 28, 2009 12:09am EDT
BEIJING, April 28 (Reuters) - China's steel makers and global miners have agreed to cut term iron ore prices sharply, an industry body said on Tuesday. Luo Bingsheng, deputy head of the China Iron and Steel Association (CISA), told reporters that parties had agreed to cut iron prices for supplies under the new annual deal, but he did not give further details on the size of the cuts.
(Reporting by Shao Xiaoyi and Chen Aizhu, Editing by Jacqueline Wong)