Rio Exits Spot Iron Ore Market, Now Back with Benchmark

摘要

Rio Tinto Ltd/Plc is selling most of its iron ore at fixed or provisional benchmark prices, halting most of the spot market sales that made up about 50 percent of its first-half output, even as Chinese mills hold out for lower prices. Comments by Rio CEO Tom Albanese lend support to talk that many Chinese mills have tacitly agreed to the 33 percent price reduction set in May by Japanese buyers, although the Chinese industry as a whole has not formally accepted the benchmark, a Reuters story said.