Vale gets 86.67 percent increase for its iron ore
By lamborghini · Apr 8, 2008 · Author's Website
Companhia Vale do Rio Doce (RIO), Brazil’s mining giant - said on Tuesday, that it had agreed on an 86.67 percent price increase of the iron ore pellets for 2008 it sells to ArcelorMittal (European steel maker).
Vale, world’s largest iron ore producer, has in place similar price increase deals with Italian steelmaker Ilva and various clients in the Middle East. It had also negotiated a large 65-71 price increase for iron ore in 2008 with its customers around the world.
Following the increase, the reference price per dry metric ton Fe unit for direct reduction pellets would be $2.4222.
RIO is currently trading at $37.28 up $0.53 for the day.
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