better than expected - Rio agrees to huge cut in iron ore price...

better than expected -

Rio agrees to huge cut in iron ore price May 26, 2009 - 1:32PM .
Global miner Rio Tinto has agreed to a 33 per cent cut in contract iron ore prices with Japan's Nippon Steel for the current shipping year.

Rio said today it will sell Pilbara blend fine ore for 97 US cents per dry metric tonne unit versus 144.66 cents last year.

The agreement with Nippon Steel is the first between a major mining house and a steel mill and sets the benchmark likely to be adopted globally.

http://business.smh.com.au/business/rio-agrees-to-huge-cut-in-iron-ore-price-20090526-bli5.html