Back to the table

So China is to lead negotiations with the mining companies on iron ore contract prices – again.

The talks are expected to signal a changing of the guard with China, the world’s biggest iron importer and steel producer, taking Japan’s mantle as point man – again.

Let’s not forget that when China took the chair for negotiations over 2006 ore prices, the other steelmakers ended up doing deals behind its back as the talks got nowhere.

Let’s hope that, one year on, China has become one year smarter and more market-savvy, and doesn’t throw its toys out of the pram when things don’t go its way.