They acknowledge the request for a price concession but defer a decision and, if pressed, offer an alternative.

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Iron ore price negotiations continued between global miners and Chinese steelmakers, with various news reports suggesting that a new deadline has been set for this month, and that the Chinese steel mills may be making a concession on the deep price cuts they seek.

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In his first concession, Mr Fayyad promised to rescind price rises and pay a first instalment of delayed salaries.

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Although that might be the price of doing a deal, it is a big concession to mainland bullying.

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The deal is protected from any sudden moves by BofA to put its insolvent Countrywide unit into bankruptcy a big concession, which Patrick's group had to pay for with a discounted settlement price.

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