Shougang seeks return to 2007 ore prices

Shougang Iron & Steel said that Chinese steel mills would only accept iron ore prices close to 2007 levels, Reuters reported. Shougang, China’s sixth-largest steel maker, made the comments while participating in annual talks between Chinese steel mills and international miners to set term iron ore prices. "The price should give miners some profit room for their sustainable development, and it should also be in a range the steel mills can bear. A price that hurts the interest of one side will lead to disorder in the industry," said Shougang Group Chairman Zhu Jimin. A return to 2007 prices would represent a cut of about 50% from current prices.