Steel lobby sure FMG won't skip talks next year

Fortescue Metals Group (FMG), Australia's third-largest iron ore miner, is unlikely to skip next year's iron ore talks with the nation's steelmakers despite not receiving necessary financing from Chinese investors for its expansion plans, a steel industry lobby official said yesterday.

"FMG could be involved in next year's iron ore talks since the game rules between Chinese steelmakers and the three global iron ore giants have changed," said Luo Bingsheng, vice-president of China Iron & Steel Association (CISA). FMG couldn't be reached for comment.

The Australian miner will also likely stick to its promise of exporting iron ore to China at a price lower than what Rio Tinto and BHP are offering despite the failed bid to secure financing, he said.