PRESS DIGEST-Australian Business News - July 6
Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
China's steel-making association says it will continue to push mining companies BHP Billiton (BHP.AX: Quote, Profile, Research) and Rio Tinto (RIO.AX: Quote, Profile, Research) for cheaper iron ore prices, despite increased production by Chinese steel mills.
The China Iron and Steel Association (CISA) says it wants a larger discount than the 33 percent benchmark price agreed to elsewhere in the world, but it has backed off from earlier demands of a 40 percent to 45 percent cut in prices. Analysts say Chinese government stimulus measures have boosted production in several steel intensive industries. Page 13.
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Mining company BHP Billiton (BHP.AX: Quote, Profile, Research) "remains committed' to its nickel business despite the failure of its Ravensthorpe project in Western Australia.
BHP shut down the Ravensthorpe nickel laterite operation in January and on Friday signed a deal to sell its Yabulu refinery in Queensland, where product from Ravensthorpe was processed.
BHP's stainless steel materials president, Jim Wilson, said "I don't think the fact that we're selling Yabulu necessarily detracts from us potentially playing in the laterite game in the future.' Page 13.
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