DUESSELDORF – ThyssenKrupp attacked iron-ore miners for putting Germany's industry at risk through their planned price increases, some of which will see costs for the key raw material more than double.

"There is no recognisable economic reason for these price demands," ThyssenKrupp Steel Europe said on Thursday.

The three mining companies Vale, BHP Billiton and Rio Tinto that dominate the market recently announced they are moving to quarterly pricing of iron-ore contracts, abandoning the decades-old practice of setting prices on an annual basis.

Vale is Thyssen's main supplier, but the two have not yet reached a deal for a new supply contract.

Source: Reuters