Network Metals LLC

The Chinese steel mills today locked in iron ore prices with the identical 33% cut that the remaining Asian steel producers previously decided on – however, these prices will be locked on for only six months for the Chinese, instead of a year. In what seem to be an event directly correlated with the contract settlement, the Chinese government has detained Rio Tinto’s (NYSE:RTP) iron ore negotiator, continuing the negative relations between China and Rio that have been going on for several months.