Baosteel, Kumba agree on price hike

Baosteel, Kumba agree on price hike

China's largest steelmaker Shanghai based Baosteel Group Corp announced that the company agreed on a 71.5% iron ore price hike with South African Kumba Resources Ltd, the world's fifth largest iron ore supplier. The agreement comes after Baosteel's agreements with Brazilian Companhia de Vale do Rio Doce (CVRD) and Australian BHP Billiton Ltd earlier this year.