WISCO Clinches Iron Ore Deal With Venezuela

(Beijing) - Wuhan Iron and Steel Co. (WISCO), China's third largest steel maker, announced on July 21 that it has reached an agreement with Venezuelan iron ore supplier on the 2010 ore contract price.

According to WISCO, the iron ore price from Corp Venezolana de Guayana (CVG) is more than US$ 20 lower than the price set by the Brazilian mining giant Vale with Japanese and South Korean steel mills for delivery in the first three quarters. The price cuts are expected to save 400 million yuan for WISCO in its 2010 iron ore imports.