Sao Paulo, Brazil, 26 Feb – Brazilian mining giant Vale became and Taiwan’s China Steel Corp. have reached an agreement on the price of iron ore at the end of this year, the company said in a statement published on its website Monday.
As a result of negotiations, the benchmark price for iron ore rose 65 percent against the benchmark price for 2007.
Vale added in its statement that the prices for 2008 reflected the continued rise in demand on the global iron ore market.
Last week, Japanese and South Korean companies and China’s Baosteel accepted the 65 percent rise in price of Vale’s product. (macauhub)