The European Commission recently questioned the global mining giant BHP Billiton's attempt to modify the iron ore pricing mechanism, saying that it would affect its ability to approve BHP Billiton's purchase of another Australian mining giant, Rio Tinto.
At present, the international iron ore price is mainly determined by the major iron ore suppliers and major consumers such as BHP Billiton. The European Commission believes that BHP Billiton is changing the benchmark price system for such an annual public negotiation and is more in favor of signing iron ore supply contracts at spot prices, which will undermine the interests of steel companies.
BHP Billiton issued a tender offer to Rio Tinto in February this year, which is nearly 60 billion U.S. dollars at present value. Within the European Union, the deal caused strong opposition from the steel industry because they feared that the transaction would cause the iron ore market to be too concentrated.
If the transaction is completed, the combined company will account for nearly 38% of the global iron ore market, surpassing the 33% market share of Brazil's Vale, making the world's major iron ore suppliers further shrink from the previous 3 to 2. Family.
So far, this transaction application has been approved by the anti-monopoly agencies of the United States and Australia, and the European Commission has launched an in-depth anti-monopoly investigation. According to the plan, the European Commission will make a decision by January 15 next year.
At present, the international iron ore price is mainly determined by the major iron ore suppliers and major consumers such as BHP Billiton. The European Commission believes that BHP Billiton is changing the benchmark price system for such an annual public negotiation and is more in favor of signing iron ore supply contracts at spot prices, which will undermine the interests of steel companies.
BHP Billiton issued a tender offer to Rio Tinto in February this year, which is nearly 60 billion U.S. dollars at present value. Within the European Union, the deal caused strong opposition from the steel industry because they feared that the transaction would cause the iron ore market to be too concentrated.
If the transaction is completed, the combined company will account for nearly 38% of the global iron ore market, surpassing the 33% market share of Brazil's Vale, making the world's major iron ore suppliers further shrink from the previous 3 to 2. Family.
So far, this transaction application has been approved by the anti-monopoly agencies of the United States and Australia, and the European Commission has launched an in-depth anti-monopoly investigation. According to the plan, the European Commission will make a decision by January 15 next year.
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