iron ore price, page-3

Rio ups iron ore price to China by 95%
10-June-08 by AAP


Latest News

Govt extends Oakajee port deadline - 10 Jun, 16:55pm
Juniors win in rail access plan: Ripper - 10 Jun, 15:28pm
Rio ups iron ore price to China by 95% - 10 Jun, 15:26pm
Stocks close nearly 3% lower - 10 Jun, 14:57pm
Premium debut for share registrar - 10 Jun, 14:46pm
Huge cutbacks from gas drama: CCIWA - 10 Jun, 14:06pm
Minara, Newcrest cut production forecast - 10 Jun, 14:03pm
St Barbara to raise $120m - 10 Jun, 14:00pm
Home loan approvals at 18 month low - 10 Jun, 13:47pm
Sally Malay Mining to change name - 10 Jun, 13:29pm


View all of today's news on our homepage
Rio Tinto Ltd, the world's second largest iron ore producer, has reportedly agreed to a 95 per cent price hike for the steel-making commodity for small Chinese mills.

Although the small chinese steelmakers have reportedly accepted a 95 per cent price rise, larger steel mills will not accept an increase above 85 per cent, an unnamed source told Reuters at a conference in Singapore.

Rio Tinto is pursuing a premium price for its iron ore from the Pilbara region of Western Australia on the premise that it is cheaper to export to Asia than other regions such as Brazil.

"We don't provide ongoing commentary on pricing, suffice to say negotiations are continuing," Rio Tinto spokesman Gervase Greene said today.

Brazilian giant Vale, the world's largest producer of iron ore, has already agreed with steelmakers to a price rise between 65 per cent and 70 per cent for its ore in 2008.

Vale's settlement would be accepted generally by producers and steelmakers as the benchmark contract price for the year, but Rio Tinto and ri