China Launches Iron Ore Pricing Probe

Law360, New York (April 15, 2010, 6:14 PM EDT) -- The Chinese government has reportedly kicked off an investigation into the pricing system used in the iron ore industry amid suspicions that three international mining giants may be monopolizing supplies of the steelmaking raw material.

Yao Jian, a representative for China's Ministry of Commerce, revealed Thursday that antitrust officials were currently studying the industry's decades-old benchmark pricing system, which BHP Billiton Ltd., Vale SA and Rio Tinto Group are seeking to replace with a quarterly-based “spot pricing” system, China Daily News reported.

The move comes amid...
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