Xu Xu, president of the China Minmetals Chemicals Import & Export Chamber of Commerce, emphasized that despite the decline in iron and steel production and falling iron ore prices due to reduced market demand in 2009, China must adopt a dual strategy to gain leverage in future price negotiations.
The comments were made during the 2009 Iron Ore International Market Seminar held in Tanggu, Tianjin, on the 13th, which concluded today. Xu highlighted the importance of taking two approaches to secure better terms for China in the global iron ore market.
According to Xu, the first leg of this strategy involves increasing China's overseas investments in mining to ensure a stable and sustainable supply of iron ore. With the current iron ore market being a buyer’s market, mining companies in Australia and Brazil are experiencing historically low valuations, creating a favorable opportunity for Chinese enterprises to invest abroad. This aligns with China’s "going out" strategy, aiming to secure long-term resource stability.
The second leg focuses on fostering cooperation among domestic companies to present a unified front in negotiations. By working together, Chinese importers can strengthen their position in the buyer’s market, ensuring they maintain a strong voice in discussions with foreign suppliers. This approach is expected to lead to more favorable terms and mutual benefits for all stakeholders involved.
It is worth noting that the 2009 iron ore price negotiations, which started at the end of the previous year, remain unresolved. Both sides continue to struggle over the extent of price reductions. Recently, Rio Tinto proposed a temporary 20% cut, but the Chinese side has insisted on a minimum reduction of 40%. The ongoing impasse reflects the challenges faced by both parties in reaching a mutually acceptable agreement amid shifting market dynamics.
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