Iron ore price negotiations - Rio eying 8pct hike for Q1- 12 Dec 10

Reuters reported that Rio Tinto will raise iron ore contract prices for Chinese steel mills by 7.6% in the first quarter of 2011.
As per report, Rio has informed several leading steel mills in top buyer China about the imminent price change/
An iron ore buyer for a leading Chinese steel producer confirmed the 7.6% increase and said China's mills would have no choice but to accept it when the time came.
According to Reuters calculations, a hike of 7.6% would bring Rio's price to USD 138.55 a tonne in January to March 2011.

Dec 12, 2010 10:24
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