Despite constant and ongoing assertions that they will not accept a 19% increase in the price of iron ore, Chinese steelmakers may have no choice. The country's steelmakers, which account for 43% of global iron imports, had tried to take the lead in setting prices for the annual iron ore contracts this year. Most of the world's other major purchasers have agreed to the price increase with the top three iron ore miners, while China, led by the Baosteel Group, has so far held back. International media reports this week said Baosteel is tipped to accept the increase but company officials remained tight lipped. The company is expected to meet with suppliers in June.
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