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PrintIt is reported that BHP Billiton Ltd. (BHP) and Rio Tinto Ltd. may likely to decrease the contract price in 2009 because of the dropping Chinese steel demand, decreasing freight rates and falling iron ore price.
There was a tremendous feeling that prices could drop even farther amid continuing oversupply. Plummeting steel price in China have prompted cutbacks in turn trimming demand for iron ore.
Now, the freight from Brazil to China decreased to about US$22/ton. In the beginning of this year, it was US$100/ton. From Australia, the freight has decreased by US$12/ton to around US$48/ton.
Editor: Ivy
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