Australia-based magnetite
iron ore pellet producer Grange Resources has announced that it has reached an agreement with its major customer Chinese steel producer Jiangsu
Shagang International Trade Co. Ltd (
Shagang), to revise the annual off-take tonnage and the pricing mechanism applying to its
iron ore pellet sales agreement for Savage River production.
Grange Resources stated that the annual contracted pellet off-take tonnage to
Shagang will be one million mt per year. The revised pricing mechanism will be applied retrospectively to all shipments from April 1, 2012 and will not have a material effect on previously reported sales revenues.