The agreement this week to move to quarterly contracts based on spot prices marks the end of the annual benchmark system that has lasted 40 years.
本周达成的协议转向以现货价为基础的季度合约，这标志着已持续40年的年度基准合 约体系寿终正寝。
The deal by Vale of Brazil and Anglo-Australian BHP Billiton with Japanese and Chinese mills marks the end of the 40-year-old benchmark system of annual contracts and lengthy price negotiations.
巴西淡水河谷(Vale)和英澳矿商必和必拓(BHPBilliton)与日本和中国钢厂签署的协议，标志着已有40年历史的年度价格基准体系和漫长价格谈判的结束。
The deal by Vale of Brazil and Anglo-Australian BHP Billiton with Japanese and Chinese mills marks the end of the 40-year-old benchmark system of annual contracts and lengthy price negotiations.
巴西淡水河谷(Vale)和英澳矿商必和必拓(BHPBilliton)与日本和中国钢厂签署的协议，标志着已有40年历史的年度价格基准体系和漫长价格谈判的结束。
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