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Technical Sales: Tracy Lee Once we have received sufficient information, we will provide a quotation within a week. If the quotation is acceptable, We will have a sample made and shipped to required destination. Upon approval of sample, we will have the product made and shipped. The time from acceptance of quotation until receipt of sample is usually 2-4 weeks. The time from approval of sample until receipt of production for the first order is usually 120-150 days.Subsequent orders are usually 70-100 days.

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Grand Prairie, TX 75050
Tel: (972) 602-1478
Fax: (972) 660-2845
tlee@firstexind.com

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March 21, 2008

China not curbing spot iron ore imports-steel body

Reuters - Thursday, March 20Chinese steel mills are angry that Australian miners were trying to shift some cargoes into the spot market, where returns still exceed long-term contract prices. (Reporting by Coco Li; Writing by Alfred Cang, Nao Nakanishi; Editing by Edmund Klamann) - BEIJING, March 20 - China is not curbing spot iron ore imports, Luo Bingsheng, vice president of the China Iron and Steel Association, said on Thursday, denying comments by traders that the country was trying to influence ore price talks with Australian miners.

Several cargoes of Australian iron ore for spot delivery have been stranded at Chinese ports after Beijing delayed issuing permits, traders and shipping officials have said.

Luo said at an industry conference that the association, which represents major steel mills in China, was urging miners to increase the proportion of long-term iron ore deals in their supply to China, the world's largest steelmaking country.

"It is improper for iron ore suppliers to cut term iron ore sales due to force majeure, but raise spot sales," Luo said.

The report on stranded Australian ore cargoes came this week as Chinese steel mills and Australian miners Rio Tinto and BHP Billiton are in a deadlock over 2008 term prices for iron ore.

Brazil's Vale , the world's largest iron ore producer, in February agreed to 2008 term iron ore prices with Chinese steel mills that are 65 to 71 percent higher than the previous year. This benchmark is normally followed by Australian miners.

But soaring prices for spot material have emboldened Rio and BHP to try for even higher prices based on their freight advantage over Brazil. Shipping costs from Brazil are more than double those of about $30 a tonne from Australia.

Chinese steel mills are angry that Australian miners were trying to shift some cargoes into the spot market, where returns still exceed long-term contract prices. (Reporting by Coco Li; Writing by Alfred Cang, Nao Nakanishi; Editing by Edmund Klamann)

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