Domestic

Big steel firms won't switch to spot market-Baosteel

(Agencies)
Updated: 2010-07-15 15:15

BEIJING: China's top steel maker Baosteel Group said on Thursday that big Chinese steel makers would not switch to spot markets for iron ore even if prices were cheaper.

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Chairman Xu Lejiang also told reporters that China had yet to reach agreement with three global miners on the quarterly pricing mechanism on ore, and that current imports were still based on interim pricing.