Industry News
China's iron ore price negotiations when the crucial moment, China's Rio Tinto yesterday (July 8th) confirmed that the four employees were detained, one of Rio Tinto chief representative of Shanghai, Hu, general manager of China's iron ore business KINGSTEK (Stern Hu).
4 Rio Tinto employees being detained in China by suspicion of espionage
According to reports the China Securities Network, the international mining giant Rio Tinto said in a statement the company, Rio Tinto Shanghai Public Security Bureau, four employees were taken away, but do not know the reasons for his detention. Industry speculation that the Rio Tinto employees detained commercial bribery may be involved.
Arrested one of the Rio Tinto chief representative of Shanghai, Hu, general manager of China's iron ore business KINGSTEK. According to The Beijing News reporter has learned that the origin KINGSTEK Hu of China, Australia, after the immigrants to obtain Australian citizenship, he or Rio Tinto Group iron ore negotiations. According to Australian media, the other three men arrested for sale of iron ore are also members of the team. Hu KINGSTEK Australian passport holders, and the remaining three per capita Chinese passport holders.
First Financial Daily news, informed sources said Shougang Mining is responsible for the import and export of a senior management also was arrested on suspicion of leakage.
Yesterday (July 8th), Shanghai Office Rio Tinto does not abnormal, but a bit quiet atmosphere. 
Australian Minister for Foreign Affairs
According to the Qilu Evening News reported that the Australian Minister for Foreign Affairs told the media on the 8th, Hu KINGSTEK detainees and others is because the causes and suspected espionage or theft of state secrets. He said that currently there is no evidence that this incident and Rio Tinto's business operations - 19.5 billion U.S. dollars in aluminum injection failure of the Rio Tinto. China Steel Association, said insiders, Hu KINGSTEK detainees and others of the "nothing to do with the iron ore negotiations." National Security Bureau in Shanghai said that "the case in Shanghai, according to the National Security Agency review process, the specific circumstances of no comment." At present, China and Rio Tinto and other international negotiations on the three major iron ore mine has not yet been completed.
Sensitive time is now the Association of Steel: iron ore talks are continuing.
Beijing Times reported that Rio Tinto is the world's three major iron ore producers, and is also China's iron ore negotiations, one of the three opponents. At present, iron ore is in a sensitive period of negotiations, in spite of the traditional deadline for the negotiations (June 30) has expired, but because failing to reach a price cut, the Chinese and foreign sides of the negotiations are at a stalemate.
Industry are generally of the view that the detained employees of Rio Tinto will not affect the iron ore negotiations.
However, according to China Business News reported that the central ministries, an official in an interview with CBN reporter said, "Rio Tinto employees caught with their iron ore to China has great influence on the negotiations." And yesterday, one the top Ten executives of the steel CBN revealed that China has basically accepted the signing of Japan and Rio Tinto's annual iron ore contract of long-term agreement "starting price", but only half of China's acceptance of the pricing period, and has not yet formally announced six months before the price will continue to talk about.
Securities Times reported, at least at present, China Steel said the Association is still strong, determined not to accept the 33 percent rate of decline. At the same time, including the letter of the Ministry of Public Works, including the beginning of the relevant authorities to rectify the order of iron ore imports, would crack down on acts of mine ore to sell.
4 Rio Tinto employees being detained in China by suspicion of espionage when the key negotiations on iron ore
