Iron ore miners face the prospect of the first price cut in seven years as steel production in China and elsewhere plunges amid the global downturn.

随着中国及其它地区的钢铁产量随着全球经济放缓而大幅减少，铁矿石企业可能面临7年来的首次降价。

After an informal meeting last week at a conference in the Chinese city of Quingdao, traders and bankers said a cut of 10 to 20 per cent was a likely outcome of the formal negotiations, due to begin in November, for annual contracts.

上周在中国青岛一次讨论会期间举行非正式会议后，交易商和银行家表示，正式年度合约谈判的结果可能是降价10%至20%。正式谈判将从11月开始。

However, these people warned that chaotic global economic conditions made any forecast highly tentative.

不过，这些人警告称，在混乱的全球经济形势下，任何预测都是非常初步的。

After this year’s record 85 per cent jump in iron ore prices, a price reduction would damp the cost of cars, machinery and construction materials, contributing to lower inflationary pressures just as central banks slash rates.

铁矿石价格在今年创纪录上涨85%后，如果降价将压低汽车、机械和建筑材料的成本，这在各央行大幅降息之际有助于降低通胀压力。

Bankers said a price cut would only make a small dent in mining groups’ revenues as ore prices have jumped more than 300 per cent in the past five years.

银行家表示，由于铁矿石价格在过去5年上涨逾300%，降价只会略微减少矿业集团的营业收入。

Any cut would be the first reduction since iron ore prices fell 2.4 per cent in 2002, when the global economy slowed in the wake of the dotcom bubble.

上次铁矿石降价是在2002年，降幅为2.4%，当时全球经济在网络泡沫后出现放缓。

The first formal contacts of the secretive – and often acrimonious – annual negotiations will take place between Chinese steel millers led by Baosteel and miners Vale of Brazil, Rio Tinto and BHP Billiton.

秘密而经常针锋相对的年度谈判的第一次正式接触，将在以宝钢(Baosteel)为首的中国钢铁企业与巴西淡水河谷(Vale of Brazil)、力拓(Rio Tinto)和必和必拓(BHP Billiton)等矿商之间进行。