It was reported yesterday that the world's three largest suppliers of iron ore — Vale, Rio Tinto and BHP Billion — will seek a 30-35 percent rise in the negotiation with buyers for next year's contract price of the raw material, a reverse from the 33 percent cut reached for this year's price.
The stance is in sharp contrast with that of Chinese buyers, who believe that there is little room left for iron ore prices to rise further in China due to surplus output on the global market and sliding demand in China.