This annual discussion about the price of iron ore, is one of the topics discussed by the companies and the steel companies, because the steel companies expect the discounts that the iron ore from the large companies producing iron ore mine. This situation makes companies determine their own iron ore iron ore prices discounted in accordance with the agreement between the company’s iron ore mines and the steel company.

Lakshmi Mittal, CEO of ArcelorMittal deliver an opinion on the price of iron ore, “all the steel companies should try to get more iron ore price decrease.”

“We normally follow the benchmark price. We do not decide the benchmark price,” he added.

Mittal said that ArcelorMittal hadn’t given up on its goal to become more self-sufficent in raw materials despite the economic downturn and weaker iron ore and coking coal prices.

He said that even though iron ore prices have dropped, it still remains cheaper to produce your own iron ore than to buy it.

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