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Japanese steelmakers accept 65% iron ore hike in fiscal 2008

HONG KONG (MarketWatch) — Japan’s four largest steelmakers have agreed to a 65% increase in iron ore prices from Brazilian mining company Vale do Rio Doce, setting a new global benchmark. The new contract price, marking the sixth straight yearly increase, will apply to the fiscal year beginning April 1. The agreement will lift the price of pulverized iron ore, which accounts for 60% of Japan’s imports of the material, as well as iron ingot imports. Japanese firms Nippon Steel Corp , JFE Holdings Inc. , Sumitomo Metal Industries Ltd. [s; jp:5405] and Kobe Steel Ltd. have agreed to the new pricing, the Nikkei business daily reported. The Japanese steelmakers are expected to sign a similar pricing agreement with BHP Billiton and Rio Tinto, the report said.

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Original post by Forextvblog

This entry was posted on Monday, February 18th, 2008 at 12:51 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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