S.Africa to push for lower steel prices

South Africa wants at least 21.4 percent of iron ore output from Kumba Iron Ore's （KIOJ.J: Quote） Sishen mine to be sold at cost plus three percent to help the domestic steel industry, a minister said on Thursday.

Africa's largest economy, a top global exporter of iron ore, is aiming to lower the domestic steel prices which it sees as vital to new industries and job creation.

We are saying at least 21.4 percent of the iron ore production of Sishen of the Northern Cape was … intended at being made available at cost plus three percent to support a cost effective steel manufacturing industry in South Africa," Rob Davies, the trade and industry minister, told reporters.

Last year the government established an iron ore task team following a bitter pricing row between ArcelorMittal SA  and Kumba that threatened the country's steel industry.