April 7 (Reuters) - Iluka Resources Ltd ILU.AX :
* Its zircon reference price for the second quarter will be reduced by about 10 per cent to about us$950/tonne.
* Says the reference price is the benchmark against which a range of Iluka zircon products are priced.
* Adjusting zircon reference price in context of price reduction for April to June period of about us$100/tonne by a major competitor
* Iluka's approach to a competitor action may result in zircon sales for 2016 being below initial expectations
* Believes zircon demand is stable and that generic price reductions will not stimulate additional overall industry demand
* Iluka's approach to a competitor action may result in zircon sales for 2016 being below initial expectations
* Says accordingly, 2016 zircon production of about 350 thousand tonnes may be adjusted as the year evolves
* Source text for Eikon ID:nASX9nDL0L
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