Companhia Vale do Rio Doce (RIO-N), the world’s largest iron ore producer, has wrapped up the 2007 iron ore price negotiations with China’s Baosteel Group, the country’s largest steelmaker.
As a result of negotiations, iron ore prices increased by 9.5% over 2006 prices for Carajas and Southern System fines — grades of ore produced by CVRD.
The new prices, on a dry metric tonne basis, are US0.732 per iron unit for Carajas fines, and US0.7211 per unit for Southern System fines.
Both parties said the increase in prices reflect conditions in the global iron ore market this year.
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