Commit long term to iron ore, China tells India
Submitted by 2point6billion.com Blog
As China’s voracious demand for iron ore rises, the country demands a more stable, long term pricing policy from India. India which currently meets 16 percent of China’s iron ore demands sells iron ore on a spot basis, allowing the price to fluctuate as demand grows. India is China’s third largest supplier, after Australia and Brazil, who supply over 60 percent of their iron ore to China at contract prices, which allowed shipping costs to remain ‘relatively stable.’
[?]