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RIO Tinto iron ore boss Sam Walsh says he is prepared to cancel contracts and head to the spot markets if Chinese steel mills renege on the new quarterly pricing regime.
Rio also believes current iron ore prices, which are down 20 per cent in the past six weeks, are close to a floor, according to analyst accounts of a meeting with Mr Walsh in London yesterday.
Analysts are concerned that while Chinese steel mills are happy with the new quarterly pricing system when spot prices...