Baosteel agrees to iron ore price hikes
Chinese steel producer Shanghai Baosteel Group Corp announced that it concluded iron ore price negotiations with both Brazilian Companhia Vale de Rio Doce (CVRD) and Australia-based Hamersley. According to the agreements, prices of Hamersley's lump, fine and Yandi iron ore as well as prices of CVRD's Carajas and Southern System fines will all increase by 71.5% over 2004 prices.