Chisels are classified in different shapes according to different uses:
Flat chisel: the cutting edge is flat, the cutting edge and the chisel body is an inverted isosceles triangle, mainly used for opening square holes or repairing some square holes;
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Xu Guangjian, an analyst with United Metals, said that few factories in China have signed contracts with the three major mines on quarterly contracts, mostly verbal commitments, so now it is very likely that steel mills will reduce quarterly contract purchases and instead purchase from the spot market.
Yesterday, in China's major ports, the spot price of iron ore of 63.5% grade was 1,100 yuan/ton, which is about $1,700/ton lower than the price of iron ore price proposed by the three major mines in the third quarter, which is about $10 per ton.
Ai Boonian said that customers see long-term agreements as one-way alternatives, but Rio Tinto believes that from a business perspective, this is unacceptable. It is understood that Rio Tinto currently sells about 50% of its iron ore on a quarterly basis.
Oblique chisel: the blade is 45° Angle, the blade and chisel body is an inverted right triangle, mainly used for repair, most of the dead corners for carving and carving repair;
Gouge: the cutting edge is semicircular, mainly used for opening circular or elliptical holes;
U type chisel: the cutting edge is U-shaped, which is rare now, mainly used for carving and repair;
Yesterday, Rio Tinto executives, one of the three major mines, stressed that if the spot price is lower than the quarterly price and the mills demand to ship at a lower spot price, this may mark the end of quarterly pricing.