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Tata Steel appeals to mining companies to reinstate yearly pricing system on huge pressure from rising raw material costs.

Reportedly, Tata Steel strongly appealed to mining companies to reinstate the yearly pricing system for iron ore as the sharply rising raw material costs have brought severe pressure to global steel mills.

In fact, global steel mills used to negotiate with mining companies by the yearly pricing system; however, it was changed to quarterly pricing system since last year as the supply decreased. As a result, it has caused raw material prices become fluctuated.

According to the statistics, Chinese steel mills’ sales margin was only at 2.84%, affected by the rising raw material costs. Also, Tata Steel’s sales profits were affected as well.

Hence, to avoid the fluctuation of raw material prices, Tata Steel appealed to mining companies to reinstate the yearly pricing system.

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