Brazil's Vale, the largest iron ore exporter, is offering Chinese steelmakers the option to price iron ore deliverable in the fourth quarter based on the average of Platts index values over October to December, four Chinese steel mill sources who received the option told Platts Friday.
Currently, Vale's pricing mechanism considers the average of index values from June to August, known as Q3-1, in determining Q4 prices.
The option to change was offered to the Chinese steel mills this week after Chinese mills returned from last week's National Day holidays.
Source: Platts |