Morning:
14°c
Rio Tinto was again at the centre of confusion today over Chinese claims that it had fixed iron ore prices after spying on customers.
The author of a report over the weekend which claimed Rio had overcharged Chinese steel mills by $102 billion (£61 billion) in the past six years said that was merely his own opinion and this was not a new figure.
Analysts pointed out that Rio's entire iron ore sales over the past six years amounted to only $42.6 billion.
China's state secrets agency claimed Rio had spied on its steel mills and their stocks for up to six years.
Four Rio employees have been detained by Beijing accused of stealing state secrets about iron ore price negotiations. But the latest statement suggests this could be far from an isolated case with China prepared to step up its campaign against industrial espionage. Rio Tinto said last month that its employees had done nothing wrong.
Investors said it was hard to assess what the latest comments might mean for Rio Tinto and other iron ore exporters like top producer Brazil's Vale and BHP Billiton.
