Iron ore prices rise

摘要

The world's leading iron-ore producers have secured an average 9 percent price increase in their annual contracts concluded this week. News of the settlements began at the end of last week, when the world's largest producer, Companhia Vale do Rio Doce (CVRD) of Brazil, agreed a price of 0.3105 US dollars/dmtu (iron unit per dry metric tonne - 1 t of iron-ore containing 65 percent Fe = 65 dmtu) for its Carajas fines (fob Ponta da Madeira) with Arcelor SA of Europe, the world's largest steelmaker, representing a 9 percent rise year-on-year. Under the agreement, CVRD will supply 16 Mt of iron-ore to Arcelor during the 2003 calendar year.