The China Iron and Steel Association will start publishing a weekly iron ore index on Oct. 1 as commodity-pricing services compete to have a bigger say over pricing of the raw material used in steelmaking.
China’s steel exports will drop “significantly” in the fourth quarter from the first half because of the removal of a tax rebate, yuan appreciation and lower demand, the China Iron and Steel Association said.
Steel demand in China, the world’s biggest consumer, may rise by as much as a quarter by 2015 compared with demand last year, according to a projection from the China Iron & Steel Association, which represents producers.
Vale SA, BHP Billiton Ltd. and Rio Tinto Group, the three largest exporters of iron ore, threatened to cut supplies unless steelmakers accept their price demands, the China Iron & Steel Association said.
China’s stocks fell, sending the benchmark index to its biggest monthly decline since August, on concern the European debt crisis is worsening and the government will step up measures to curb property speculation.