Xu Lejiang, Chairman of Baosteel Group, on current iron-ore price negotiations

Xu Lejiang, Chairman of Baosteel Group, on ongoing iron-ore price negotiations between the China Iron and Steel Association and the three big mining companies: 
"Total abandonment of long-term contract price negotiation is absolutely unacceptable for China. I think the current supply-demand situation of iron ore will reverse in future, probably before 2014. The exact time will depend on conditions of the recovery of China’s economy and whether the global economy will show a double dip on its way to recovery."