Shanghai Baosteel Group, Panzhihua Iron and Steel Group Company and 10 other Chinese steelmakers announced that they intend to jointly negotiate with iron-ore suppliers for lower prices. Prices for iron ore are currently at a 13-year high. The chairman of Panzhihua, Hong Jibi, said that the consortium will push for lower prices from Australia, Brazil and South Africa.
China is the world's largest buyer of iron ore, consuming around 33 percent of the ore on the global market.
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