BHP Billiton offers 30% of iron ore contracts for sale

Global mining company BHP Billion has announced that 30% of its total iron ore volumes will be sold on a mix of quarterly negotiated pricing, market clearing price (spot market) and index-based pricing. The move has boosted confidence in the development of an iron ore prompt market.

BHP has settled 23% of its iron ore volumes at an agreed annual contract price for 2009, while negotiations for the remaining 47% of volumes are ongoing. The material is understood to be primarily aimed at Chinese customers and BHP is looking at options to innovate the pricing basis of this material.

Clive Murray, chief executive officer and managing director of iron ore brokers London Dry Bulk says the move will strengthen the robustness and relevance of the independent iron ore reference prices

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