Dalian, 28 September 2010

Changing to a monthly iron ore pricing system would be destabilising for the steel industry, a senior iron ore executive at Rio Tinto said on Tuesday. "Our position for this fiscal year has been to give the quarterly pricing system a chance to operate this year," Warwick Smith, the managing director of sales & marketing in Rio's iron ore arm, told reporters on the sidelines of a conference in the Chinese port city of Dalian. "To change to monthly pricing right now after changing from the annual to quarterly systems would be destabilising."

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