BHP Billiton, the world’s biggest mining company, was forced into a humiliating backdown yesterday, dropping its demands for a higher iron ore price in the face of an unprecedented campaign by Chinese steel mills and bureaucrats…
But the new price marks a significant disappointment for BHP, which hoped to use soaring demand for steel to negotiate a doubling of prices. The backdown heads off a possible diplomatic spat with China on the eve of Prime Minister John Howard’s visit to Beijing next week to discuss a free trade agreement.
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