VOA标准英语2009年-Australia, China Miss Iron Ore Price Deadl

Australian miners and Chinese buyers have missed an annual deadline to set benchmark iron ore prices, signaling the end of a 42-year-old system and risking new friction¹ between the major trading partners.

Talks between Australian mining companies and China's steel industry have stalled, after reports that the Chinese demanded cuts in iron ore prices of up to 45 percent.

Australia has already agreed to cut prices by about a third for Japan and South Korea for the next year. China's insistence² on deeper cuts reflects its growing influence in the resources market and the increased price volatility³ caused by the global financial crisis.
　
An undated photo by Rio Tinto shows iron ore mining in Western Australia Pibara region

Industry analysts⁴ said China's iron buyers are still angry at a sharp rise in the benchmark level last year. Discussions may have been further complicated by Australian mining giant Rio Tinto's decision to reject a massive Chinese investment in its operations.

China is Australia's biggest iron ore customer. The failure to agree on a benchmark that would guarantee prices for 12 months could destabilize the market.

Producers could find it harder to plan capital expenditure⁵ and buyers would be exposed to price fluctuations⁶.

Jonathan Barrett, the managing director of Commodity Broking Services in Australia, thinks the Chinese are trying to exert more control over the commodities sector⁷.

"I think that they actually want see a lot of their smaller producers and users actually use that market as a means for price discovery, rather than having the concerns over having to find out the price for the entire year. Because if you do fix the price for the entire year then you really haven't got much room to negotiate in terms of the pricing," he said.
　
Workers move piles of steel wire at a steel product market in Shanghai, China (file photo)

Without a benchmark deal, iron ore is sold in the open market, which could leave Chinese steelmakers vulnerable to soaring prices as the world's resources sector recovers from the downturn.

Despite missing the July first deadline, China and Australia could still lock in prices for the next 12 months.

Media reports have suggested that Beijing has softened⁸ its demands for a hefty price cut after failing to reach a deal with its major overseas suppliers.

Such an about-turn may reflect nervousness about rising prices on the spot market.

So far, there has been no official confirmation⁹ from either side as speculation¹⁰ mounts that some sort of deal will be signed by the end of the month.

1 friction   

n.摩擦，摩擦力

参考例句：

• When Joan returned to work,the friction between them increased.琼回来工作后，他们之间的摩擦加剧了。
• Friction acts on moving bodies and brings them to a stop.摩擦力作用于运动着的物体，并使其停止。

2 insistence   

n.坚持；强调；坚决主张

参考例句：

• They were united in their insistence that she should go to college.他们一致坚持她应上大学。
• His insistence upon strict obedience is correct.他坚持绝对服从是对的。

3 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

4 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

5 expenditure   

n.(时间、劳力、金钱等)支出；使用，消耗

参考例句：

• The entry of all expenditure is necessary.有必要把一切开支入账。
• The monthly expenditure of our family is four hundred dollars altogether.我们一家的开销每月共计四百元。

6 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

7 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

8 softened   

（使）变软( soften的过去式和过去分词 )； 缓解打击； 缓和； 安慰

参考例句：

• His smile softened slightly. 他的微笑稍柔和了些。
• The ice cream softened and began to melt. 冰淇淋开始变软并开始融化。

9 confirmation   

n.证实，确认，批准

参考例句：

• We are waiting for confirmation of the news.我们正在等待证实那个消息。
• We need confirmation in writing before we can send your order out.给你们发送订购的货物之前，我们需要书面确认。

10 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。