Iron ore miners face the prospect of the first price cut in seven years as steel production in China and elsewhere plunges amid the global downturn.
After an informal meeting last week at a conference in the Chinese city of Quingdao, traders and bankers said a cut of 10 to 20 per cent was a likely outcome of the formal negotiations, due to begin in November, for annual contracts.
However, these people warned that chaotic global economic conditions made any forecast highly tentative.
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