New iron ore prices settled by Vale and ArcelorMittal
It is reported that ArcelorMittal and Vale have also reached an agreement of iron ore price decreasing rate of 28.2 percent for iron-ore fines and 44.5 percent for lumps in the 2009 contract year.
The reached agreement was just following that among Vale, Japan’s Nippon Steel, Japan’s Kobe Steel and Korean Posco in the past month period.
By The way, The three largest iron ore miner in the world Vale, Rio Tinto and BHP Billiton have not reached new annual price contract with China mills, the agreement would mean much more pressure for china’s steelmaker in the on going negotiation.
By Yieh Corp
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