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The iron ore talks for 2009 contract prices may settle in May, said Kohei Wakabayashi, vice president of JFE Holdings -- a holding company for Japan's second largest steelmaker -- during the company's results briefing last Friday in Japan.

 

"Arrangement for shipments needs to be done in May if Chinese steelmakers want to get their iron ore supplies in July -- so there is a strong possibility that Chinese steelmakers could settle in May," Wakabayashi said.

 

Wakabayashi said that there was still a large price gap between miners and steel mills. Iron ore miners saw demand in China picking up in March and hence wanted the negotiated prices to stay at high levels, but Chinese steelmakers insisted on much lower prices on the back of high inventory levels.

 

A Baosteel source told Platts that a price settlement before June was possible, but "it really depends on the other side [miners], as the negotiation teams of both sides have not been in touch with each other recently."

 

A Japanese source familiar with the iron ore talks singled out Rio Tinto as one that had tried to close deals quickly, hinting that other miners were not in such a hurry.

 

Meanwhile, some others thought that this year's iron ore talks were further complicated by the participation of China Iron and Steel Association in the negotiation team with Baosteel. "CISA dictates over strategies and this complicates the negotiation process," one source told Platts.

 

Chinese media has quoted CISA repeatedly this year since the iron ore talks started. It is reported that CISA is asking for the price to go back to 2007's level.

 

Iron ore contract prices for the 2009 financial year starting April 1 are currently negotiated between the three largest iron ore producers -- Brazil's Vale, Rio Tinto and BHP Billiton -- and major steel makers from Japan, Korea and China. The first agreed price by any of the parties in the negotiation will be the 2009 benchmark price binding all the long term contracts signed between these miners and mills, according to industry practice. –Platts