Rio talks with China may slide
The world’s largest buyer of iron ore, China, might allow price talks on the metal with Rio Tinto to drop, the Umetal Research Institute said yesterday.
The news comes ahead of the mining group’s second quarter production volumes report, which is due out today.
The mining giant has agreed a 33 per cent price cut with steelmakers in Japan and Korea, but the China Iron and Steel Association, which is leading the talks, had been pushing for a bigger cut in China.