Iron Ore Contract Prices Settled

摘要

After months of negotiation, Brazilian miner Vale has announced that a 28.2% drop in the contract price for iron ore fines for the 2009 financial year has been agreed with Nippon Steel and POSCO. This is accompanied by a 44.47% fall in the FY 2009 iron ore lump price. The agreement was followed by the Japanese steelmakers Sumitomo Metal, Kobe Steel and Nis-shin Steel. This follows the settlement between Rio Tinto and Japanese steel mills of a 33% fall for Australian fines and a 44% decline for lump ores.