Oil report

China won't necessarily follow others on iron ore price

QINGDAO, China, Oct 16 (Reuters) - China’s top iron ore negotiator said on Friday that China, the world’s largest steel producer, would not necessarily follow other countries in setting term iron ore prices in annual negotiations.

China Iron and Steel Association (CISA) Secretary General Shan Shanghua, who failed to secure the deep price cut he had pledged in this year’s still unresolved marathon negotiations, also reiterated his call for iron ore term prices to follow the calendar year instead of an April-March fiscal year.

“We will not insist on other countries taking China’s iron ore price as a reference and we will not blindly accept prices agreed to by other countries,” Shan told an industry conference in the coastal city of Qingdao.

Shan told Reuters late last month that iron ore markets would be oversupplied next year as global steel production recovers slowly. [ID:nSHA337534] (Reporting by Alfred Cang and Edmund Klamann)