Brazilian iron ore giant Companhia Vale do Rio Doce (Vale) has announced the conclusion of its iron ore price negotiations for 2008 with the world's largest steelmaker ArcelorMittal Sourcing S.A. (ArcelorMittal).
Accordingly, the iron ore prices agreed by ArcelorMittal for Southern System Fines (SSF), FOB Tubarão, have increased by 65 percent relative to 2007. At the same time, due to its recognized superior quality, it was agreed that the price for Carajás iron ore fines (SFCJ) will have a premium of US$0.0619 per dry metric ton Fe unit over the 2008 price for SSF.
Therefore, the new reference prices per dry metric ton Fe unit for 2008 are US$1.3441 for SSF and US$1.4060 for SFCJ.