Affected by the earthquake, Japan heavy industry market meet the great losses, which brings the challenge and chance for China machinery market. Japanese steelmakers JFE Holdings and Sumitomo Metal Industries said on Tuesday they would not cancel their currently more expensive long-term iron ore purchasing contracts for October-December despite a plunge in prices on the spot market. We are the professional manufacturer of mining machinery, crushing equipment, sand making equipment, sand washer, roll crusher, rod mill.
The comments came a week after Vale's chief executive said the Brazilian miner was open to discussing different iron ore pricing systems with clients, as a tumble in the price of ore has led to pressure from steel mills for more flexibility.
Weaker demand for steel in China, the world's biggest consumer and producer, has dragged down steel prices and slashed the appetite for iron ore, the key steelmaking raw material.
Some Asian steel giants have been pressuring suppliers as spot iron prices have slid to their lowest in a year and are set to post their biggest weekly decline in 15 months as demand from top importer China remains thin, fuelling expectations prices could drop further.
Asian mills, with margins cut by lower steel prices, are not that keen on paying around $170 a tonne for iron ore -- the fourth-quarter contract rate based on June-August average spot prices -- when the current rate is around $145.
Vale has told Chinese steelmakers it will give them options to buy the raw material cheaper, sources told Reuters this month, as spot prices for iron ore have dropped below the quarterly contract system created last year.
But Sumitomo Metal Industries, which is set to complete a merger with Nippon Steel, the world's No.4 steelmaker, in October 2012, has not yet received offers from miners to change iron ore contract prices for the October-December quarter, a company official told Reuters.
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